Why do welders need insurance?

A welding career can come with more than a little risk. After all, welding involves extreme heat, sparks, soldering, and often heavy machinery. All of these elements can present on the job risks for welders, which means that investing in business insurance is a popular choice for many welders.

Welder at work

In some cases, certain welding insurance products may be a mandatory requirement for welders, which is one of the top reasons why BizCover makes buying business insurance fast and easy online.

Reduce your exposure to risk with welding liability insurance

Business insurance can be the difference maker when it comes to the longevity of a welding business. There are several types of business insurance that welders may benefit from holding. So it can be worth taking the time to understand what business insurance products can help to actively reduce your exposure to welding risks.

1. Public Liability insurance for welders

As is the case with many trades, the most critical form of welding insurance is Public Liability (PL). PL provides financial protection for your welding business if you happen to cause injury to a person or damage to property as a result of your welding work. It also covers your legal expenses if you need to hire a lawyer in the event that a claim is bought against your welding business.

Welders can be exposed to a number of risks that could lead to a PL claim, such as a third party being burned by sparks, or damage occurring to property due to heat or flames. This is where welding liability insurance (another term for welding contractor insurance) can help. Your PL policy can help you avoid the worst of bad situations by reducing your exposure to welding risks.

One of the major risks for welders is property damage claims due to fire. If your welding activities were to cause damage or loss of property, or loss of other assets due to fire, your PL insurance can help reduce the financial impact on your welding business. The cost of your PL policy will vary depending on several factors, such as:

The size of your welding business

Generally speaking, the larger your welding business is, the higher your insurance premium will be. When it comes to size, it’s worth noting that some business insurers measure company size by revenue, while others measure by number of staff.

The location you work from

Another factor that adds to the total cost of your welding insurance is the location where you work. High risk locations, such as welding on mine sites or at very busy public locations, such as shopping centres or airports, will generally mean higher premiums than welding work undertaken in standard residential or commercial environments.

Whether you require basic PL cover as a sole trader, or a full business insurance pack for your business, BizCover can make comparing competitive quotes from leading Australian insurers fast and easy.

While PL is considered essential for welders, it’s not the only business insurance product that welders may consider. Here are three more policies that can reduce welders’ exposure to on-the-job risks.

2. Portable Equipment

As a welder, you rely on your specialist tools and equipment to carry out your welding work. While often small in size, these essential welding tools and equipment can be expensive to buy, and costly to repair. Imagine being desperately in need of a chipping hammer, an angle grinder, a metal file, or a welding clamp and not being able to do your job due having lost or damaged these essential tools of your trade.

In some cases, welders can misplace or lose their essential portable welding equipment on busy work sites. And while you hate to see it, a welder’s portable equipment can also be stolen from a work site.

However, holding Portable Equipment cover means that you are covered if your welding tools and equipment are lost, damaged, or stolen, which makes welding liability insurance critical. After all, a welder is only as good as their tools. Portable Equipment typically covers the following four risks:

  • accidental damage;
  • collision or overturning of the conveying vehicle;
  • theft following forcible and violent entry to locked vehicles or locked buildings;
  • fire, storm, water, explosion, impact or malicious damage; and
    theft of equipment securely attached to a vehicle through the use of locks or padlocks.

With Portable Equipment cover on your side, you don’t need to spend your hard-earned money if something happens to your essential gear.

3. Personal Accident and Illness

Personal Accident and Illness provides you with a portion of your regular income if you are unable to work following an unexpected injury or illness. Welders are often self-employed, which means that you won’t receive an income if you’re unable to work.

The nature of your work also means that you are at a higher risk of becoming injured on the job. Personal accident and illness provides you with the financial means to take time off while you recover from an injury.

4. Workers compensation

Workers compensation insurance provides financial reimbursement to employers for payments made to employees – such as medical expenses and ongoing wages – following a successful workers compensation claim.

If you have employees working in your welding business, you must hold a valid workers compensation policy in place. Each Australian state and territory runs its workers compensation scheme differently. Before purchasing workers compensation for your welding business, have a closer look at the requirements in the states that your business will operate in.

Make welding insurance a breeze with BizCover

BizCover makes insurance for welders cost-effective by providing an easy to use online platform where busy welders can compare competitive business insurance quotes from leading Australian insurers and get covered in just 10 minutes. It’s BizCover’s unique way of making business insurance for welders fast, easy, accessible, and ultimately drama-free.

In fact, through BizCover Australian-based welders can purchase a wide range of business insurance policies that can help reduce their exposure to welding risks.

Whether you need basic PL cover as a sole trader, a full business insurance pack for your welding business, or mobile welding insurance, BizCover can make comparing competitive quotes from leading Australian insurers fast, easy, 100 per cent online, and with no paperwork in sight.

Compare competitive quotes online, get covered in minutes, and enjoy an easier business insurance experience today with BizCover.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2024 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

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