Regardless of whether you are a painter, a builder, general handyman, carpenter, or any other type of tradie you will need to have a selection of good quality tools and equipment in order to be able to do your job. While purchasing one or two small tools is usually affordable, you may not be able to pay for everything without obtaining some type of loan or grant. Read more
Financial planning for tradies is extremely important and does not simply cover investments and retirement planning. As a tradesman or builder, when you are looking for a financial planner, look for someone that specialises in financial planning for tradesmen and who can help you with everything from tools of trade insurance and accounting to superannuation and your will. Read more
Most tradesmen and builders fully appreciate the importance of taking care of their tools and equipment, but many forget to take care of their best asset – themselves. Tradies can benefit from a number of different types of tradies insurance, but one of the most important is income protection. It is not only a sensible idea, but in many places, income insurance for tradies is mandatory. Read more
Business insurance is vital for every Australian business, but for tradies having the right types of insurance is imperative. In some cases, worksites require proof of at least income protection insurance and public liability insurance before they will let a tradie onto the area.
Having the proper types of tradesman insurance will allow you to access worksites, and will often help you save some money. It is also a great investment, especially if something happens and you have to submit a claim. Read more
Builders Protection with Public Liability Insurance in WA
The number of building businesses in WA is growing and there is a need for businesses and individuals to protect themselves financially. Public Liability Insurance is one of the most important forms of insurance for a huge range of WA businesses, no matter how small.
Public Liability Insurance can safeguard your building business from the financial risk of being found liable for damages to person or property. For some WA businesses, it may be mandatory to take out Public Liability Insurance. Other businesses take it out to make sure they have peace of mind.
Personal Accident and Illness Insurance – Protection for Tradies?
Unfortunately, tradies often work in high risk areas and there is a very real risk of serious injuries through accidents. Along with accidents, there is also the possibility that illness could strike and leave you unable to work.
If you rely on your work as your only source of income, what happens if you’re not able to work for a period of time? Thankfully, Personal Accident and Illness Insurance can make sure you still receive an income during these times.
I’m Fine… I have Workers Compensation Insurance!
This is something that I hear from tradies a lot. And to be honest, this used to be the case where you were covered travelling to and from work, and of course whilst you were at work.
But did you know that Workers Compensation rules have recently changed? The changes mean that you are no longer covered travelling to and from work, and are only covered whilst you are at work.
It also means that the maximum duration in which you can claim Workers Compensation payments is for 2 years. So what happens if your injury is so bad that you can’t work for more than two years… or worse, can’t go back to work ever?
Don’t let bad debtors steal your hard earned money!
We have all heard or used sayings like: prevention is better than a cure; a stitch in time saves nine; and it’s better to have a fence at the top of a cliff than an ambulance at the bottom.
For many years Credit Management, or Debt Collection companies, have focused solely on collecting overdue accounts not on preventing them, the apparent logic being, why prevent something that makes you money?
Are you without Income Protection? As a builder, it may be financially damaging!
A lot of you may be thinking, I’m 10 foot tall and Bullet proof! Really? Listen to my story…
I have a client who owns a beauty salon, and who’s husband is a builder – self employed (Let’s call them John and Mary). Until Mary met me, she didn’t have any insurances, but now everything is in place. She feels really confident that if she accidentally hurt herself she would get her income protection to cover her personal and business costs. This means that there won’t be a downturn in her finances if she couldn’t work.
For the last 6 months, she has been trying to convince her husband to do the same. But he has a different view on things. He is a young, fit, 30 year old.. what could possibly go wrong??
“Help! My business partner has passed away and I can’t afford to pay out his estate!”
This is a terrible story. This is a story of two mechanics who went into business together (Let’s say their names are Joe and Andrew). They owned the business 50/50. Neither of them had a lot in superannuation and most savings went straight into starting up the business. A few years into the business, Andrew died quite tragically. The business was not in a financial position to pay any money to Andrew’s family, but technically the family (via the Will), now own 50% of the garage. Andrew’s wife has never worked in a garage before, nor does she really want to work in a garage. Unfortunately Andrew’s wife has no choice but to work there, and Joe has no choice but to let her work there because he can’t pay her out.
What could they have done?
There are insurance policies which could solve this issue and provide you with a level of peace of mind and control. In a nutshell, if the business had adequate insurance in place, Andrew’s family would have been the beneficiary of the insurance policy and Joe would have retained 100% of the business… It would have been a clean cut, and would have left both parties with choices.
The information provided in this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.