Insurance for Tradesmen

As a qualified tradesman, you will have a great understanding of the risks that are involved with everyday construction or renovation work. For this reason, insurance for tradesmen is highly specialised, vital to have and in some cases, compulsory.

Why Do I Need Insurance?

It is crucial to ensure that you are protected from liabilities and losses that could greatly impact your livelihood and your safety. An innocent oversight by you or one of your employees or a simple injury to someone on your worksite can have serious and costly consequences.

Without the right insurance, you could find yourself:

  • Unable to run and operate your business
  • Unable to meet project deadlines and complete construction or renovation work
  • Facing severe financial losses or even bankruptcy/insolvency
  • Encountering legal action, without the funds to pay for any compensation or legal fees
  • Without the right tools and equipment to do your work
  • Dealing with the emotional burden of losing your business and/or injuring someone on your worksite
  • Facing heavy fines for failing to take up mandatory insurance in your state
  • Unable to earn an income and support yourself and your family if you become sick or injured

Specialised insurance for tradesmen has been created to specifically cover tradies and their businesses from any risks that arise from their trade and construction work. There are many options when it comes to insurance and the type of insurance you choose will depend on your business and finances.

Most Tradesmen would require the following types of insurance:

Home Warranty insurance – In some states (such as NSW and QLD), this is a compulsory insurance for tradesmen that protects consumers from any defects in your work or if you fail to complete your work. This is one of the most important insurances for tradesmen since heavy fines apply if you fail to take it up. If you live in another state, you will need to check the state legislation on Home Warranty Insurance.

Public Liability Insurance – This insurance for tradesmen protects you from legal action taken against you by someone who has become injured or whose property has become damaged as a result of your negligence. Public Liability Insurance for tradesmen can cover legal expenses, as well as any compensation fees that you might have to pay.

Tools of Trade Insurance – An important insurance for tradesmen, tools of trade insurance covers your tools and equipment in the event that they are lost, damaged or stolen. This insurance will help you fix or replace your tools so that you don’t have to pay for the expenses out of your own pocket or risk losing money because you can’t carry out your work.

Personal Accident & Sickness Insurance – This is often a crucial insurance for tradesmen, especially as a great deal of risk is involved when working on construction sites. Personal Accident and Sickness Insurance will cover you for up to 85% of your usual income if you are unable to work, meaning that you can still keep up with your living expenses and bills. You can choose from either one or two years’ benefit periods.

Utilise our online system to compare quotes from multiple insurers on any of the above products. We also offer easy pay-by-the-month options! Get the right cover for your business today! Apply Here

 
 
 
 
 
 

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