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Four key areas of Trades Insurance
Trades insurance is a combination of business insurance lines that provide cover to protect the different parts of your Trades business including your business, the tools you use and the commercial vehicles you drive.
Below are four key areas that you need to ensure are included in your trades insurance policy.
1. Tools of Trade - protect the tools that you use to get the job done!
Tools of trade mean the tools that you use to make a living and earning an income. Tools of trade insurance cover may require your tools to be noted on your insurance schedule. It is important to consider as you add new tools and dispose of older tools that your insurance schedules are up to date and accurately reflect your current tools of trade. Keeping your tools secure is important - theft can be a real pain and result in lost productivity. Theft or loss of tools can require proof of forcible or violent entry.
2. Public Liability - for injuries or damage that you cause.
When operating, tradies need to ensure that they have sufficient Public Liability coverage. Public liability coverage may provide insurance cover for an injury sustained by a person, damage to property, nuisance or loss of use for a physical asset that has been not lost, destroyed or damaged. Making sure you have sufficient public liability insurance coverage is critical for Trades Insurance.
3. Professional Indemnity - for when you make a mistake
Being a professional means you’re good at your job, but sometimes, you might make a mistake or breach your professional duty by error or omission. Professional indemnity insurance can provide you with coverage when you become legally liable to pay a claim that results against. It is important to note that for your insurance coverage to be effective, the claim needs to be made against you during a period where you are holding the cover.
4. Commercial Vehicle - make sure your wheels are protected!
How great is a good commercial work vehicle to get around and carry all the tools, bits and bobs that you need to get your job done? Making sure that your vehicle has commercial vehicle insurance is important to provide adequate insurance coverage for you, your business and your tools of trade.
Talking with an insurance broker can assist in getting the right mix of insurance products to best fit you with good insurance cover you and keep you focused on the tools.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Abbie Wilson, National Insurance Brokers, ABN 22165146789, AFSL 233750
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