Tradies sometimes need to work in dangerous conditions, and are exposed to various risk factors while they do their work. A tradie at a construction site can encounter a work related accident that hurts them, or even causes death. Whether construction or engineering, plumbing or painting, there are risks associated with being a tradie. Being insured helps you protect your tradie business should you get sued, face business disruptions, and more.
Here are the top five insurance policies tradies should consider getting:
1. Public Liability Insurance
As a tradie, public liability insurance becomes very important for you. This insurance policy helps you protect yourself and your business against causing injury to the client or third party, as well as damaging their property. If you or your employee causes any harm to the client or their property, even by accident, they can sue you. This can lead to an expensive lawsuit as well as settlement. When you get public liability insurance, you gain financial protection against such legal cases. Depending on the policy and policy limit, your expenses can be covered to a significant amount. The right combination of tradie insurance can help you protect yourself as a tradie in the face of various scenarios. Find out how insurance for tradies can help you, and invest in tradie insurance today.
2. Tool and Equipment Insurance
Getting your tools and equipment insured is also a great way to protect your business. Tools and equipment can be expensive. They can also incur damage or be stolen. If your tools are stolen or broken, then this can directly affect your business. You won’t be able to work until you have your equipment ready. When it comes to expensive equipment, you may not be able to repurchase or get it repaired. A tool and equipment insurance can provide you with financial cover for your tools. If you insure your tradie tools, then you can receive monetary help in replacing or repairing them, when necessary. That way, even if something happens to your tools, you can find a replacement for it without wasting time or going beyond your budget.
3. Commercial Auto Insurance
Tradie work often goes together with travel. You need to travel to the location of your work. To that extent, many tradies either have a van or a car that helps them commute. These vehicles should ideally also be capable of storing all the tools and equipment you’ll need for your job. Should you or your employee encounter an accident as while commuting due to work, you can get financial coverage through insurance. Your commercial auto insurance can help you get your car repaired, and get your business back on the road so you can get back to making money.
4. Workers Compensation Insurance
Workers compensation insurance helps an employer obtain financial protection for their employees. Many jobs related to tradies can be dangerous, such as working on construction sites or with dangerous electrical equipment. The possibility of your employee getting into an accident at work is high. If an employee gets badly injured due to a workplace accident, they may require medical attention. They may also lose our on their wages for the days they couldn’t come to work as a result of their injuries. Workers compensation insurance helps them find medical cover, recover a portion of their wages, and more.
5. Property Insurance
The physical property you run your business from, whether it be your own or rented, should also receive financial protection. Aside from the many tradie tools and equipment, documents and data related to your work are stored at the property as well. This makes having property insurance necessary. You can insure your building against various kinds of damage. This includes fire damage, water damage, and more. With your property insured, you can receive financial cover in case the building does get damaged. This prevents business closure and with a business income insurance as well, you keep your tradie job protected against sudden or unexpected events.
Conclusion
There are various other kinds of insurance policies you can get for your tradie business as well. Cyber protection and security insurance is one of them. You can also opt for other insurance policies, such as professional indemnity insurance, theft and vandalism insurance, and more.
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