Insurance needed for carpenters and tradies
If you’re a carpenter, there are a few insurance options for you to consider. Working as a tradie carries some risks and, no matter how careful you are, things can go wrong. Whether you run your own carpentry business with a number of employees, do regular work as a subcontractor or are self-employed in your own small business, you need to consider having a proper insurance package in place for peace of mind.
There are various forms of insurance available to carpenters and all of them are worth considering. Before you make your decision, take a closer look at what’s available.
- Public Liability Insurance – Protects you against damage that occurs to property or another person as a result of your work. This is particularly important because accidents happen no matter how careful you are and you could find yourself financially liable for a significant amount of money. Without Public Liability Insurance, you could find yourself covering the costs for medical bills, rehabilitation, repairs and replacements.
- Tool Insurance – Carpenters can’t do their job without their tools and you may find yourself unable to work if your tools are lost or stolen. Tool Insurance will cover the financial cost in this situation so you don’t need to use your own funds. Remember, most standard policies will only cover your tools if they are stored in a locked box and not left onsite overnight. Have a look in your toolbox and if you realise it would cost you a small fortune to replace them all, consider Tool Insurance.
- Personal Accident and Illness Insurance – If you’re unable to work due to an injury or illness, you’ll be provided with regular payments so you’re able to keep up with expenses and maintain your lifestyle. These payments will last until you can return to work or a maximum benefit period is reached.
- Worker’s Compensation Insurance – If you have employees working under you, you will generally be required to have Worker’s Compensation Insurance. This means the insurer will reimburse you for wages you pay to an employee while they’re off on workers compensation.
How do I choose?
You need to find an insurance package that covers your needs and fits your budget. At the very least, Public Liability Insurance can protect you against the significant costs that you may be liable for if something goes wrong. Also, it’s important to remember that you’ll often be required to have Public Liability Insurance in place before being able to enter work sites or subcontract. To help you make a decision, speak to a reputable insurance broker about the best option for you.