If you want peace of mind at work, you need to have the right insurance cover in place. No matter how meticulous you are at work, accidents can happen and tradies are an increased risk due to the hands-on nature of your work. So, what forms of insurance cover should tradies consider? Let’s take a look!
Public liability insurance
Public liability insurance is essential for tradies as it covers you financially for damage to property or injury to a third party which occurred due to your actions at work. It also covers legal bills if you need to hire a lawyer during the claims process. The nature of your work as a tradie means that damage or injury can occur all too easily, which means it’s essential that you have financial protection from these incidents.
Professional indemnity insurance
Professional indemnity insurance is designed for professionals who provide professional advice or services as part of their job. Professional indemnity insurance provides financial protection against claims from a third party following financial loss due to a breach of profession duty or negligence resulting from an act, error or omission. It not only covers the costs associated with a claim but also legal bills involved with the process.
General property insurance
General property insurance means that your transportable items are protective financially if they’re lost, damaged or stolen. For tradies who rely on their tools and other equipment for your everyday work, it’s not only inconvenient if someone happens to them – it can also be expensive to organise replacements. General property insurance means that your tools can be replaced quickly and easily.
Personal accident and illness insurance
Personal accident insurance offers financial protection if you’re unable to work due to injury or illness. With this cover, you’ll continue to receive a portion of your income until you’re able to return to work or until your policy runs out – whichever happens first. This means that you can take your time with your recovery without having to rush back to work due to a lack of income. This is particularly important for tradies give they are often self-employed and don’t have access to leave entitlements.
Workers compensation insurance
If you have employees working for you, you must have workers compensation insurance in place. This cover is compulsory in Australia and is run a little differently depending on the state or territory. Workers compensation means that an employee is protected financially for costs associated with illness or injury which has occurred at work. This could include medical bills, rehabilitation costs, ongoing wages or any other additional expenses. If you work as a contractor, you may need to arrange your own workers compensation insurance.
To find out more about tradies insurance, contact All Trades Cover today on 1300 826 850 or get the ball rolling with an online quote.