Are you unsure about tradie insurances? Or are you thinking about going out on your own? Or perhaps you have been in business for a couple of years but haven’t really looked at the insurances since you started? If so, then this is the guide for you – Have a read of some of the things tradies should consider about their insurances.
Most self-employed tradies manage their own businesses. And, who could blame them? If they wanted to be managed, they would have worked for someone else.
But not having someone there to assist with things like making sure you have the right insurances at the right price can be really detrimental over the long term. The vast majority of tradies we deal with have either not updated the insurer with current details for a few years or are massively underinsured (sometimes both!).
We have listed a few of the main covers that are important to have as tradies:
Public & Product Liability Insurance
No matter how careful you are or how skilled you are, mistakes will always happen. Whether this be because of some faulty product or someone hurting themselves on-site.
Have a think about some of the potential costs involved if a fault developed in some of your work. Or if someone was to fall over and seriously hurt themselves, even if you had made an effort to ensure the site was safe. Costs could climb into the millions.
Have you ever wondered how much your tools would be worth if you added them all up? What would you do if they were stolen or damaged by a storm or fire? Besides the lost asset value, you could be missing out on a large amount of income too.
Equipment insurance can provide cover for your tools (both specified and unspecified items) so if something is to happen, you can get back to work as quickly as possible and minimise the impact the unfortunate event has on your business.
Motor Vehicle Insurance
We all know how important coverage for a car, van, ute or truck is. But a lot of tradies we speak to often have inappropriate cover for their vehicle now that it is a work vehicle. Ensuring the policy covers for things such as toolboxes and roof racks added to the vehicle can save a lot of money in the event of a claim.
Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
We all know how important coverage for a car, van, ute or truck is. But a lot of tradies we speak to often have inappropriate cover for their vehicle now that it is a work vehicle. Ensuring the policy covers for things such as toolboxes and roof racks added to the vehicle can save a lot of money in the event of a claim.
We can also look to add multiple vehicles to your business insurance policy to save you money and keep things simple.
If you aren’t sure if your tradie insurances are right for you, we are here to help. We offer complimentary reviews for our new clients and can help give your business the protection it needs. Talk to us today.
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.
LARK Insurance, ABN 56 635 745 176, AFSL 240549
This article originally appeared on
LARK Insurance Website
and has been published here with permission.
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