Why tradies need business insurance

Everyday Tradies are exposed to variety of risks in their work – third-party injuries or property damage, lost or damaged tools, and equipment breakdown are just a few of these common risks. Covering these risks with business insurance can help to protect businesses from the cost of these risks occurring.

Customise your insurance to the risks of your business and get business insurance that is the right fit for you. Here are some of the risks tradies can cover with business insurance.

Meet legal requirements and protect against liability claims with Public Liability insurance

Accidents happen, and as much as you can try to avoid them sometimes as a tradie you may have to deal with an injury or property damage to a third party. When these types of situations occur, you could be liable for compensation and repair costs. This is why Public Liability cover is considered essential by many tradies.

Depending on the type of tradie you are, and the part of Australia you live in, Public Liability insurance may be required to meet the legal requirements of your licensing.

Public Liability insurance covers legal fees and compensation costs if a customer, member of the public, or a supplier claims against you for injury or damage to their property as a result of your alleged negligent business activity.

Public Liability insurance can cover*:

• Personal Injury – Compensation costs for personal injuries suffered by a third party, such as a customer, supplier or member of the public.
• Property Damage – Compensation for damage to property owned by a third party due to your negligent business activities.
• Legal & Defence – The legal and defence costs associated with a claim.
• Damage in custody – Compensation for damage of third-party goods not owned by you which are in your care, custody or control.

Many worksites will require Tradies to have Public Liability insurance to get on site, but this isn’t the only type of cover that can cover the risks Tradie businesses face.

Here are some more types of insurance you could use to cover your Tradie risks:

Protect your income if you are unable to work with Personal Accident & Illness insurance

Being a business owner doesn’t come with paid sick leave, and this can become a problem if a simple spot of home DIY or a weekend touch footy game leaves you injured and unable to work for weeks or months. If being out of action is a no-go for your business, you may want to consider Personal Accident & Illness insurance to protect your most important business asset—yourself!

Accidents can happen regardless of how careful you are at work or after hours. Should the unexpected happen, this product can cover your income and provide benefits for permanent disability and even death if you’re unable to work due to illness or injury.

Personal Accident & Illness insurance can cover*:

• Loss of income – Resulting from injury, illness or a combination of both
• Disablement – An optional extension that covers the loss of physical or mental function
• Death Benefits – An optional extension that covers your death
• Business Expenses – An optional extension that can help you cover ongoing business bills

Cover the cost of negligence allegations with Professional Indemnity insurance

For some tradie occupations your job involves providing expert advice to customers, and as hard as we all try sometimes mistakes happen leaving your customer unhappy with the advice you provided. Whether or not these allegations are true, the cost of legal fees and reputation damage can add up quick! Professional Indemnity insurance can help to cover these costs if your business comes to face allegations of negligence in your work.

Professional Indemnity protects you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. Subject to applicable limits, your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).

Professional Indemnity insurance can cover*:

• Providing your client with negligent advice
• Breaching your professional duty
• Confidentiality and other privacy breaches
• Defamation, libel or slander

Give yourself peace of mind if you aren’t a legal expert with Statutory Liability insurance

It can be tough keeping up with the law, especially if you’re not a legal wiz. That’s why you might want to consider Statutory Liability insurance to protect your business if you accidentally breach certain laws.

Statutory Liability insurance covers costs, fines and penalties as a result of unintentional breaches of key legislation in the operation of your business.

Statutory Liability insurance can cover*:

• Costs and expenses from official investigations and inquiries
• Pollution Liability defence cost 
• Fines and penalties

Protect your tools with Portable Equipment insurance

The equipment you take on the go with you is likely vital to running your business. Do you have a back-up plan if they were to be damaged or stolen? Replacing specialised equipment can often be a costly, and time-consuming process. This is why many Tradies choose to cover their portable equipment with Portable Equipment insurance.

Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Portable Equipment insurance can cover*:

• Fire, storm, water, explosion, impact or malicious damage
• Accidental damage
• Theft of equipment securely attached to a vehicle
• Collision or overturning of the conveying vehicle
• Theft following forcible and violent entry
• Photographic equipment, Tools, Mobile Communication and Electronic Devices

Keep things running with Machinery Breakdown insurance

Unexpected machinery breakdown could bring your business to a screeching halt and have huge impact on your ability to complete work for your clients, and keep cash coming in. This could be an even bigger headache if the equipment you use is specialised requiring repair by costly specialist technicians, or difficult to acquire replacement parts.

Machinery Breakdown insurance covers the cost of having nominated machines in your business, such as refrigerators and air conditioners, repaired or replaced following a breakdown.

Machinery Breakdown insurance can cover*:

• Unexpected breakdown of machinery
• Cost of repair
• Unexpected damage to machinery
• Cost of replacement

Types of tradies who can get business insurance:

• Electricians
• Carpenters
• Landscapers
• Cleaners
• Plumbers
• Painters
• Handymen
• Bricklayer
• Builders
• Tilers Lawn Care
• and many more..

Protect yourself and your business from the headache of your risks turning into reality with business insurance. Compare quotes from multiple insurers and buy online with BizCover.