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A Guide To Insurance For Tradies
(This is a contributed post)
As a tradesperson, you’ll know that your role arrives with certain risks. Whether you’re a carpenter, builder or electrician, you’ll want to protect yourself, others, and your equipment. Protecting all of these things and more involves the right kind of insurance. Let’s dive in a take a look at some of the options out there for tradies.
Income protection insurance
For tradespeople, it’s a good idea to invest in some income protection insurance. This type of insurance is designed to compensate for some of your earnings if you find yourself unable to work. Whether you are out of work due to illness or injury, a successful income protection claim can grant you up to 75% of your normal income. While you won’t want to imagine sickness or injuries, it’s better to prepare for the worst and protect your financial situation. Closely following your health and safety training should lessen the chances of an accident at work.
Public liability insurance
Public liability insurance serves to protect you if you injure a customer or member of the public due to your work. This type of insurance also protects you should you damage a client’s property. The fact is, public liability insurance cover is vital for tradies. Accidents do occur due to negligence every once in a while. If your work injures someone or damages their property, with no public liability insurance, you’ll be having to pay out of your own pocket.
Tools insurance
As a tradesperson it’s a good plan to protect the tools that you use against damage or theft. You’ll know that your collection of tools hasn’t exactly been cheap to purchase! With this in mind you won’t want to lose money or have any downtime should a problem arise. With the proper tools insurance, you won’t need to cancel any jobs or wait around to get up and running again.
Portable items insurance
Some of your tools may be insured under a portable items insurance policy, but not all so you’ll need to check this. A portable insurance policy will cover the tools that you carry around for work plus items like laptops or phones. It’s beneficial to take out a policy like this in case these items get lost or stolen. While you’re thinking about your valuable items, it’s worth checking that you have the right cover on the vehicle that you use for work.
Contract works insurance
Contract works insurance is intended to protect builders from several different events. This type of insurance is relatively similar to public liability insurance. Public liability insurance covers events which have occured due to your own negligence. Contract works insurance covers damages which were not in your control. Examples could be damages due to weather conditions or loss of materials on the site.
When you’re a tradie, you’ll naturally want to protect your income, the public and yourself. Without the right insurance, you could land yourself in some costly situations that you could do without. It’s too difficult to expand your business and reputation without the proper insurance in place.
