As a small business owner, you know that if anything were to happen to your business, your tools or yourself the financial repercussions could come down on you. It’s not enough to take out Business insurance from any old provider. You want to make sure that you have the perfect policy for your business. You need to make sure that the clauses in your policy suit your needs, so that you are not left with unexpected expenses should the worst happen. Tradies use dangerous tools every day, and are frequently in contact with clients, suppliers and members of the public. That’s why the most popular type of insurance for tradies is Public Liability Insurance. Most tradies are required by their work site or employer to hold Public Liability Insurance. As it covers legal fees and compensation costs if a customer, member of the public, or a supplier sues you for injury or damage to their property as a result of your alleged negligent business activity.* You will need proof of your Public Liability Insurance in the form of a valid Certificate of Currency.
Tool Insurance is a great idea. Without your tools you are unable to do what is required for your clients, leaving yourself vulnerable to missing contractual deadlines. Tools are also very expensive to replace in the event of an accident or theft. Fortunately, tool insurance, or Portable equipment and general property insurance can cover specified items such as tools, business equipment or electronic items. You can choose between comprehensive cover which will include accidental damage cover or insured events cover (for events such as fire, theft by forcible entry, explosion or storm).
Despite your best efforts, faults may appear in your work weeks, months or even years after you have completed the job. This can be due to weather patterns or other events beyond your control. Product Liability insurance* protects your businesses against claims by third parties relating to property damage or personal injury caused by your products.
We have all heard of Workers Compensation insurance. This form of insurance is compulsory in Australia if you employ anyone to work under your direction. Your employees could sustain any type of injury, from breaking a bone, crashing their work van, straining their back, inhaling asbestos and more. If they become ill or sustain an injury during the course of their work, they will definitely hold you responsible and demand that you pay for their treatment, lost wages and even compensation for pain and suffering.
Being a Tradie is often very physically demanding. You are constantly on your feet and working with your hands. But have you ever considered what would happen if you were to fall ill or become injured and find yourself unable to work? How would you put food on the table and pay the rent? Personal Accident and Illness insurance* can provide levels of cover
for loss of income if you are unable to work, permanent disablement and even death as a result of an unexpected injury or illness (even if it occurs outside of your employment).
Conclusion Now that you have read this article you should have a clearer understanding of what kind of insurance your business needs. Don’t waste hours speaking to a broker. Instead, you can pop onto Public Liability Australia to compare insurance options from some of Australia’s leading brokers. Policies are sent to your inbox within minutes.