Tradie Insurance Packages
There are a lot of insurance companies out there and some specialise in trades insurance packages. The reality is you will need insurance for your business from the onset, however you will need to sift through the packages and find one which suits your business and your needs. Insurance is here to protect you so you are not caught out without the right cover in place. To make life easier for you, we’ve outlined some of the most common insurances that tradies need below.
Top Insurance for tradies
- The number one insurance for tradies in Australia is Public Liability Insurance. This will cover you if you injure a third party or damage third party property whilst doing your job. It’s important to obtain Public Liability Insurance before you step on site. It’s mandatory for most work sites before you start work and also a good idea to protect for business protection. If you are hit with a serious claim you could face millions in loss.
- Product Liability is also important. This type of insurance will protect you if you performed work in the past for a client and the work is faulty or you have missed something which causes damage or financial loss. This is important for those tradies which perform installations or create something physical. Which is presumably every tradie.
- Tool Insurance is essential to protecting any tradies back pocket. If your tools are lost, damaged, or stolen you can say goodbye to hard earned savings to replace them quickly. Insurance will make sure that you can replace them and not worry about the money so much. Just make sure to update your policy when you buy new tools.
- Workers Compensation Insurance is vital if you employ people or have trainees and apprentices under your wing. If one of your staff is injured you can not only face serious penalties from the government (that’s right it’s illegal not to have it), but you can also be faced with huge bills. These bills can include medical fees, hospitals stays, rehabilitation, counselling, and legal fees.
- If you get Personal Accident and Illness Cover you can rest easy knowing that insurance is there to back you if you fall ill or have an accident. It will pay out an agreed percentage of your income each week you are off work so you can afford your life. It is great for those who are self-employed as you’ll likely not receive sick leave or get a source of income during this time. It’ll pay out for an agreed amount of time or until you go back to work.
What to do next
There are many options available for tradies insurance and it is up to you to decide what is best for you. Everyone has different circumstances and business models. The worst thing you can do however is be uninsured as it will cost you more in the end should something go wrong. You never know when the unexpected will happen.
If you are not sure what package will suit you best have a chat to your insurance broker. Our friends at All Trades Cover have specific industry knowledge and can advise on the most appropriate cover.