Tradespeople provide the wiring, plumbing, plastering, building, and other services that keep us connected to each other, comfortably warm or cool, and living in safe, well-constructed homes. Some tradies also work to keep properties or landscapes looking nice.
If you’re a tradesperson, you must have insurance tailored to your needs to safeguard your equipment, liabilities, and truck or van throughout Australia.
Although there’s no such thing as an exclusive tradie insurance coverage package, there are specific insurance options that, when combined, provide total coverage for your business, assets and income.
To help you out, below is a list of insurance covers worth considering:
1. Public Liability Insurance
Although you may work hard to keep your work area safe, there’s always a chance that an accident will occur while you’re working or interacting with clients and vendors, such as when a customer stumbles, falls and gets hurt in your work area.
Public liability insurance protects you if someone is hurt on your property while using your goods or services or while visiting your place of business. It covers both your reasonable legal fees and any damages you are legally required to pay. It also protects you from faulty workmanship or defective work claims, and any damage you incur on someone else’s property in the course of doing your work.
2. Commercial Vehicle Insurance
It’s crucial to protect your work vehicle (e.g., ute, truck, van) because, as a tradesperson, it’s probably one of the most valuable items you need for work. Comprehensive commercial vehicle insurance covers theft or unintentional damage to your vehicle, as well as your legal responsibility for any property damage caused by your vehicle to third parties.
3. General Property Insurance
Depending on your trade specialisation, your job may require the use of hammers, saws, wrenches, clamps, tile cutters, and other tools and equipment. You can end up without an income or unable to work if any of these essential tools get stolen or unintentionally damaged.
General property insurance covers your tools and equipment if they are inadvertently destroyed or stolen, even when under lock and key, in any part of the world.
This applies to any equipment that gets stolen or damaged while on a client’s property, a job site, in your place of residence or business, or even when your staff has taken the missing item. These benefits make this type of cover a must-have element of tradie insurance in Australia.
Protect Your Assets and Business
Tradespersons are a highly in-demand group of service providers.
As a businessman specialising in this field, it’s crucial to have the right combination of tradie insurance options to ensure your business, vehicle and tools are protected adequately from unforeseen events.
However, make sure you read the fine print to know exactly what’s included with your policy.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.