Insurance For Tradies

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Why do Tradies need to consider it?

Running your own tradie business is exciting. There’s a variety of fields you can specialise in, always plenty of work and you get to be your own boss, win-win!  

But just like any business, working within the trades industry means there are risks which can cause havoc not only financially but to your businesses reputation. That’s where insurance is here to help. 

Unfortunately, for many small business owners and sole traders, there can be a misconception that just because you’re a small business you don’t need to consider insurance for your tradie business.  

The fact is most kinds of businesses need some form of insurance, with so many businesses not being able to reopen after experiencing a major loss. Don’t become a statistic. 

Having your business insurance sorted doesn’t only mean you can rest easy at night knowing that you have protection in place if something were to happen, but it may also be a requirement to have in place before you even start to pick up the tools.  

tradesman tools laid out on a table

Did you Know?

  • You can insure your tools with Portable Equipment cover, protecting them from theft or accidental damage anywhere in Australia.
  • If you’re working as a contractor or are a member of a trade association, check to see if you are required to hold a minimum level of Public Liability insurance.  

Protect your electrical business today.

Insurance for Tradies

As a tradie, there are many risks that you need to consider protecting your business from. These are some of the typical types of insurance coverages you may need to look at for your business. 

Public Liability Insurance*

One of the fundamental types of business insurance for tradies is Public Liability insurance.  

Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities. 

Accidents can and do happen, no matter how much care you take. Something as simple as someone tripping over a hose on site or you accidentally causing damage a client’s property are real liability risks tradies face each day.  

Portable Equipment insurance*

The tradie industry involves a whole host of different kinds of tools to help with the job at hand, so it makes sense to protect them. On your next smoko, take the time to do the numbers by assessing the value of your tools and equipment. You may be surprised at how quickly it adds up!

If something were to happen and you had to replace your tools, could you afford to without damaging your finances? And not to mention the damage potentially caused to your hard-earned reputation by not being able to complete the job.

That’s where Portable Equipment insurance can provide a bit of a relief. It is sometimes referred to as General Property insurance and covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Personal Accident and Illness insurance*

Working as a tradie, your physical strength and wellbeing are essential to complete your jobs. Whether it’s assisting your customers with installing a new bathroom, building a new roof or re-painting a home, these are tasks require you be strong and in good health.

If something were to go wrong like you were injured or fell ill, how would you be able to pay the bills and other expenses while you are out of action?

Personal Accident and Illness insurance can provide levels of cover for loss of income if you are unable to work, permanently disabled or even pass away as a result of an unexpected injury or illness (even if it occurs outside of your employment). This type of coverage can offer you comfort knowing that if you are unable to work, you will still have some income to support yourself and your family while you heal.

Tax Audit insurance*

Running your own tradie business means you’re busy out on site working on projects and potentially dealing with complex cash flows throughout the financial year. Let’s face it, you specialise in your trade, not crunching numbers. Even if you take the steps to keep your books squeaky clean, there is always a chance that you may be faced with an audit by the Australian Taxation Office (ATO)

In the event your accounts were audited by the ATO, you may be required to hire in the help from external professionals like accountants to assist with completing the process.

If your accounts are audited by the Australian Tax Office, it can be a costly and time involved process. This is where Tax Audit insurance can alleviate some of the pain by covering your business for specified costs in the event that it is selected by the Australian Tax Office for auditing.

The policy covers the costs of accountants and other professional fees incurred in the course of an audit. Being audited can be time consuming, complicated and can potentially result in a significant financial detriment. You will almost certainly want the services of an external accountant or similar professional and their fees can be substantial.

Getting the Right Public Liability Insurance for Tradies

At Public Liability Australia, you can tailor your tradie insurance to suit you and your business. You can select Public Liability or Portable Equipment Cover, or you may choose a variety of different business insurance coverages.

No two tradie businesses are exactly the same and that’s why we offer a variety of coverages to protect your business against its own unique risks.

Getting your insurance sorted has never been easier, in a few clicks or a phone call you can receive multiple quotes from some of Australia’s leading insurers.

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

Protect your electrical business today.

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