Tradie and Subcontractor Insurance – An Essential Guide
If you’re a tradesperson or subcontractor, you and the people you work for will want to know that you have suitable insurance to carry out your trade. Additionally, you may want peace of mind that your tools are insured.
We’ve taken a deep dive into the world of “tradie” and subcontractor insurance and produced an essential guide on what you need to know:
- Why You Need Insurance
As a tradesperson or subcontractor, the most common insurances you might need are public liability and product liability and you may well find you are asked to show that you have a suitable policy before you can start work. You may have expensive tools, so having these insured against theft or attempted theft following forced entry may be something you want to consider. If a claim of injury or property damage is brought against you, the impact on your finances can be very draining.
- Where To Get the Right Insurance
The best and most competitively priced policies come from brokers who have experience and specialize in your industry, so when you’re looking for the best tradie business insurance make sure the insurer can provide a policy designed for your specific trade. By understanding the unique risk exposures to your trade, they can tailor a policy for the risks most found in your construction industry, giving you peace of mind that should the worst happen, you’ll be covered. Make sure their claims process is speedy and efficient to minimise any impact on your business.
- What Insurance Do You Need
A good “tradies” insurance policy will combine public and product liability and also cover your employees. Public Liability covers you and your business if you cause injury to a third party during your work, or if your business activities cause property damage. It can cover the cost of legal fees you incur defending yourself, as well as compensation you may be required to pay. A good policy will have the option to cover your tools, equipment, and machinery too. Click here for information on construction gear.
- Other Insurances
A good provider will offer other insurance products to give you cover against many different types of risks, such as Home Warranty insurance which may be required by law, Professional Indemnity insurance to safeguard your business against claims of malpractice or breach of duty, Worker’s Compensation insurance to cover employee wages if they suffer a work-related injury or disease, and more.
- Beyond Insurance Services
You may find that some insurance service providers offer a whole range of products beyond insurance, that caters for the residential building industry and can become your one-stop-shop for all your business needs. Look for a provider who offers additional value such as resources and advice, training courses leading to qualifications, and an online store where you can purchase things like building codes and standards, business stationary, contracts and documents, safety products and signage.
Whatever type of tradesperson you are, it’s important to have suitable insurance so that you have financial protection when faced with unexpected expenses in rectifying a mishap. A reputable insurance provider will be happy to discuss your needs and provide professional advice with a free quote. Click here for more information on the construction industry.
