If you’re a small business owner there are a variety of insurances you need to consider to protect your trade business and protect yourself.
Property insurance is a no brainer. This insures all property associated with your small business and moulds to your business operations. If you run an office-based business, this will insure your office furniture, tools and equipment, computers and other business property. Even if you are renting an office space you will still need property insurance to cover any damage to the building and of course your business property within it. If you’re a ‘site based business’ or you’re on the road – your small business property insurance should cover your vehicle/s and tools and equipment.
Public liability insurance
All tradesmen in business for themselves have a responsibility to ensure the safety of their clients and their work. In the instance that a ladder falls and breaks a letter box at a customer’s house, you accidently break a window or a tin of paint spills on brand new carpet, public liability insurance will cover the accidental damage to the property you’re working on. Also, in the unfortunate occurrence that someone is injured as a result of your business activity, your public liability insurance will cover the financial implications of that person’s injury.
As a small business owner you’re responsible for the health and safety of your employees, should something happen to one of them on the job, you need to be sure you’ve got the correct workers’ compensation policy in place to cover them and to cover you.
Personal Accident Insurance
So you’ve got cover for your clients, you’ve got cover for you employees, but what about yourself? It’s your business and as we know with small businesses, it’s all hands on deck. If for some reason you’re unable to work, your business won’t be running effectively – if at all. Personal accident and injury insurance protects your income.
If you’re unable to work for any reason, whether you sustain an injury at work or off the job out of hours playing cricket or fixing your gutters, personal accident and injury insurance will cover you financially so you and your family can enjoy the same lifestyle until you can get back to work. Even if you fall ill and are out of work for an extended period of time, your personal accident and injury insurance will supply a steady payment to you.
Business Interruption Insurance
There are some interruptions you just can’t plan for. If your small business is unable to operate due to fire, flood or storm damage for instance, business interruption insurance provides your monthly agreed revenue until your business is back up and running.
Business Expense Insurance
Business expense insurance is a great cover to have if you find you are unable to work. This can cover your bills, repayments and other fixed costs associated with your small business so your business can continue to function while you’re off work.
Not having the correct insurances at the correct amount puts your business and your personal assets at risk. If you don’t have the policy to cover the financial implications of an incident, you could be forking it out yourself. Insuring your business supports its future success.
At All Trades Cover, we specialise in insuring tradies, so they can get on back to work without the dramas if an incident occurs. Talk to one of our professional staff on 1300 826 850 to arrange an insurance package that suits the needs of your small business.