Making tradie insurance cover easy
We live in a modern world where information is immediate in most cases. When it comes to getting your tradie insurance, you can use the web to your advantage. The information about various types of tradie cover, getting quotes, and purchasing cover are all things you can do online. What kind of insurance cover can you obtain online? We learned about the types of cover you can get online by talking to insurance providers so we could share it with you now.
Tradie Insurance: Tools of the Trade cover
Tradies have special tools specifically designed for their trade. If your equipment or tools are damaged, lost, or stolen, this cover helps recover enough to replace your tools or equipment. It covers theft from a secure job site or locked work vehicle, damage that occurs due to stormy weather or a collision, as well as general loss. Carpenters, electricians, plumbers, painters, builders, landscapers, handymen, fencers, locksmiths, and other tradespeople can obtain tools of the trade tradie insurance cover online.
Tradie Insurance: Public Liability cover
Public liability insurance is one of the most common forms of cover for tradespeople. It protects the tradie from financial loss due to damage to the property of a third party or injuries to any third party that can happen on the job. For instance, if a brick accidentally falls from a roof and it damages an individual’s vehicle or causes an injury (hopefully not), your cover will take care of the costs so you won’t have to pay out of your business account. While you are liable for the injuries or damages incurred, you have coverage for the costs through Public Liability insurance.
Tradie Insurance: Personal Accident and Injury cover
Not only do you need to cover your tools and equipment and carry Public Liability, you should also protect yourself. Personal accident and injury insurance takes care of financial things if you become ill or get injured on the job. Depending on the policy, some may pay over 70% of your income until you can return to work or until your policy ends or runs out. Even though this cover isn’t mandatory, it is a good investment in yourself and your business and worth speaking to a good financial planner about.
Tradie Insurance: Workers Compensation cover
Most Australian states require that tradies carry Workers Compensation insurance for employees who work for you. This cover protects your employees in case they become ill or get injured due to work related activities. This protects them and you since you are responsible for anything that happens to them while they are performing work related tasks. It covers damages, medical costs, recovery costs, loss of income, and rehabilitation if and when necessary.
The wise way to ensure you obtain the appropriate types of cover and get the best rates is to do your research and then speak to experienced insurance brokers that really understand your tradie risks and needs. The investment in having protection through insurance is minimal compared to the costs of not having it. Your business could be financially ruined by one single incident. The peace of mind you will have from obtaining the right types of insurance products in immeasurable.
Speak to the Tradie Insurance Experts
If you do need a good insurance broker or income protection specialist to help you assess your risk level and determine the best insurance options for your situation, you can try contacting a member from our Tradebusters Academy network. These insurance experts specialise in helping tradesmen in business and we are sure one would be a good choice for you.