These days, tradesmen need a variety of insurance covers to ensure they can run a smooth and profitable business without the stress of the financial burdens associated with the risks of trade business operations. So if you’ve got a business in a trades industry, you need to make sure you’ve got the right tradesman insurance to cover you.
There are four main types of insurances for trade business owners, these relate to employees, the public and public property, you as the business owner and your business property.
Insurance to Cover Your Employees
Workers’ compensation is mandatory for trade business owners to cover their employees. Workers’ compensation regulations can differ between states and territories so be sure check the legislation in your part of Australia before hiring employees. However, across the board, if you don’t have a workers’ compensation policy in place, you could face a hefty fine. So workers’ compensation is one tradesman insurance policy you can’t do without, so it should be at the top of your list.
Insurance to Cover People and Public Property
Of almost equal importance to your workers’ compensation policy is your public liability insurance. This covers your business in the event that your business activity results in damage to a third party’s property or injury to a non-employee, such as a client or member of the public. In some states, public liability insurance, like workers’ compensation is a mandatory tradesman’s insurance but not all of them, so you’ll need to check the rules and guidelines in your state.
Tradesmen’s Insurance – Insurance That Covers You
Right, so you’ve got employees covered and non-employees covered – what about yourself? One of the major considerations of running your own business, is that if you’re not around, how are the bills and costs of the business going to be met? Your trade business can’t operate effectively without you so having personal accident, injury and sickness insurance will enable your business to keep running financially if you’re taken out of the workforce for a period of time due to an accident, injury or sickness – regardless of whether this occurred on the job or kicking the footy in your back yard with your son.
Insurance to Cover Your Tools and Business Property
If you’re a self-employed tradesmen, your tools and other business property are essential elements of your business, which is why it’s essential to have property and tools insurance, after all, you can’t build a house without a saw and a hammer and you can’t do your books without your computer. Property and tools insurance will cover you for theft, loss and damage of tools and business property so you can get back to work – get that house built, get those books done without the hassle.
So now you know what insurance you need to keep your business in the green, get a quote today from All Trades Cover, specialists in fast and affordable tradesmen insurance. Call All Trades Cover on 1300 826 850 and get your trades business covered.