Are you a tradie getting confused about what insurance cover you need? Do you fully understand your responsibilities as a licensed tradie at a job site? Your trade and your business is unique, and for that reason so is your risk and the cover you need. Tradesperson insurance can vary, whether you’re a subbie, sole trader, employ staff or apprentices or even trade from a commercial property, your risk will inform the cover you need.

Types of tradies insurance cover

Depending on the way a tradesperson chooses to run their business, insurance cover required may be:

• Public and products liability – this insurance is for the most common type of claim type made by tradies. Public and products protects you in the event you are found negligent for property damage or personal injury to someone at the site of a job.

• Tools of trade insurance – this can also be known as portable and valuable items insurance; it covers you in the event your tools are accidentally damaged or stolen. Tools can also mean any equipment that you need for work, such as your mobile.

• Commercial motor vehicle insurance – can cover vehicles you use for work. Like traditional car insurance, this can be purchased on a simple third party or comprehensive policy for your car, van or ute.

• Income protection insurance – can replace a portion of, or your whole income for a time whilst you are unable to work due to injury or illness.

• Business expense insurance – what would you do if your business turnover was significantly reduced if you weren’t able to work? Could you afford the bills? This insurance can cover your work expenses whilst you’re off due to injury or illness; maintaining your cash flow so that your business won’t suffer.

• Workers’ compensation insurance – business taking off and needing to employ staff or a subcontractor to help out? Workers’ comp insurance is required by law if you have employees or contractors working for you. This will cover you in the event an employee or contractor makes a claim for an injury they received at work.
• Management Liability – this will cover the business in the event of employment related claims, Worksafe investigations or prosecutions, tax audit etc.

Where to go for advice on tradies insurance

Not all insurance is created equal, and the complexity of cover you require depends on many factors about your business structure and operations. If you or a colleague is unsure what type of tradies insurance cover you need, contact a Centrewest Broker via Our Team page or on 08 9349 7900 to organise quotes today!