Painter’s Insurance is an important way to protect against financial losses that might occur from accidents or unexpected events. Good Business Insurance policies can provide protection against legal claims and lawsuits, loss of tools and even your plant and equipment if you use scissor lifts or other lifting equipment whilst working.
In Australia, Painting business owners may be required by law to carry certain Insurance policies. Find out which policies are compulsory and which are recommended to protect your company against losses to your assets and liabilities.
Compulsory Painter’s Insurance
As Business Australia explains, Worker’s Compensation Insurance for Painters may be required by law. This form of insurance protects both yourself and your workers against financial loss that may arise due to an accident in the workplace or where the business is found to be liable. It will protect your workers following an injury on site and will ensure that they will receive compensation to replace their income.
Worker’s Compensation Insurance is required for any business that has employees, and will be needed for your painting business if you are not a sole trader. In Victoria, this cover is known as WorkCover.
If you are a painting contractor, you can check your rights and responsibilities on this page by Business Australia.
Other recommended policies
1. Public Liability Insurance
While this form of insurance is not compulsory, it is strongly recommended that Painters incept general liability insurance for painters. In the event of damage or injury to a third party or their property, you will need to be able to defend against a claim and cover legal costs if necessary.
2. Professional Indemnity Insurance
If your Painting business offers any kind of advice or consulting services for your customers, this policy should be considered. Professional Indemnity Insurance can provide protection against financial loss following negligence in your advice or Professional Service.
3. Business / Factory Insurance
If you use a factory or warehouse to operate your Painting Business, it is extremely important to have property insurance in the event that the premises, any contents or stock are exposed to risks such as fire, property damage, theft or glass breakage.
This policy will ensure you are able to repair any damage and receive compensation for any loss due to business interruption if you have included this optional cover.
4. Commercial Motor Insurance
If anything were to happen to your vehicles which are necessary to travel to clients and carry tools and equipment, this could result in a large loss with repair costs and loss of income until you are able to work again.
For painters, Commercial Motor Insurance should be considered to ensure you are protected in the event that your vehicle becomes damaged, or if you are found liable for damage that your vehicle causes. Optional covers for Hire Care following an accident should also be considered so you can keep working whilst your vehicle is being repaired.
5. Tools Insurance
This policy is extremely important for painters as great financial stress can occur if you are unable to continue working due to loss, damage or theft of your precious tools. Easily repair or replace any lost or damaged items with tools and equipment coverage.
6. Injury & Illness Insurance
If you are a sole trader, Personal Injury and Illness insurance will cover you in the event of accident or illness to protect your income should you be found unfit to work.
This policy is very useful, with benefit periods of up to five years and waiting periods as low as two weeks.
Painter’s Insurance with Atlantic Insurance
At Atlantic Insurance, we have been providing comprehensive Painter’s Insurance for over 30 years and have, over time, developed a sharp understanding of the risks involved in the painting industry.
Contact us today to discuss the best options to protect your business and receive a quote to protect your business.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
