Tradesman Insurance – 2015 Tradies’ Insurance Checklist

Tradesman Insurance:  The importance of insurance cover for tradies

The New Year is well under way and it’s time to get your financial and business dealings in order. That should start with ensuring you have the proper tradesman insurance cover to meet any regulated requirements as well as your industry-specific needs. It’s smart to enlist good business practices like keeping up with any changes that are happening in insurance regulations for tradesmen. Basic cover will protect you and your business against liabilities, protect your employees, and cover your own personal damages and losses on the job. The following will discuss the general cover all tradies should have on their checklist for 2015.

Tradesman Insurance: Public Liability cover

What is Public Liability Insurance? This tradesman insurance cover was created to protect business owners, in this case, tradies, from the risks of personal injury and/or property damage during the course of their working day. It does not cover you, the tradesman or your employees.

Public Liability cover is necessary in case something happens to a third party on the work site. Without this cover, you would be held responsible, or liable, for the damage or personal injury incurred to another individual at a job site. The amount for which you could be held accountable can range from a few hundred to several million dollars.

One single accident could cause your financial ruin. This is why Public Liability cover should be included on your tradesman insurance checklist for 2015 whether it’s mandatory for your trade/business or not.  The expense of Public Liability insurance is often lower than what it would cost to cover damages and injuries from an accident.

Tradesman Insurance:  Tools of the Trade cover

Every tradesman has tools, equipment, and other property they use to do their jobs. These tools, equipment, and properties cost money that tradies will lose unless they are covered with the appropriate amount of cover.

Tools of Trade cover is relatively simple to understand and straightforward. It can be done without incorporating individual tools or limits on individual items. This insurance protects you from financial loss due to theft or damage that occurs to your property.

Tool cover is an essential insurance for today’s tradies, especially those with expensive machinery and equipment used specifically for their projects. This tradesman insurance will not cover losses or damage to property left in the open or that is not locked up in a vehicle or on your premises.

Tradesman Insurance:  Workers Compensation cover

If you pay more than $7,500 per annum to employees, trainees, or apprentices, New South Wales employers are required to carry Workers Compensation.  Even if this cover wasn’t mandatory, it would still be a prudent type of cover for your 2015 checklist.

Workers Compensation policies are designed to protect your business from financial trouble as well as to protect your employees. Workers who are injured in work-related accidents or who become ill due to work-related issues are covered. Affected employees receive benefits and payments related to medical expenses, weekly pay, rehabilitation assistance, and in cases where permanent impairment occurs, they may receive a lump sum for their injuries.

Tradesman Insurance:  Personal Accident and Illness cover

Finally, as tradesmen place their life and limbs on the line daily, personal accident and illness cover is an essential for your tradesman insurance checklist in 2015. How does this cover protect you, the tradesman?  If you get injured or become ill on or off the job site, this cover ensures that you can pay your bills while you are unable to work.

Personal Accident and Illness cover allows you to get your payment quickly, as fast as two weeks. You will also be able to obtain your insured amount for up to two years following your accident and injury. If you become ill for a few weeks, this cover will help you pay your mortgage, car payment, and keep you and your family fed until you are able to work again.

These four primary insurance cover solutions are essentials for your 2015 tradesman insurance checklist. You will find resources where you can obtain instant quotes for whatever types of cover you seek. At Tradebusters Academy we have narrowed the results for selecting reliable, local insurance brokers for your business needs.  Once you have two to three brokers in mind, you can obtain your quote quickly and easily over the Internet or the telephone. Remember to ask your insurance broker about industry-specific insurance before you select from the various types of cover.

If you do need a good insurance broker to help you with your insurance needs, try contacting an insurance broker from our Tradebusters Academy network. These insurance brokers specialise in helping tradesmen in business and we are sure one would be a good choice for you.

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