For those running a trades business or working as contractors there are many risks that you may be exposed to in the industry, with potential for accidents or unexpected events around every corner.
Whether you are involved in any trade and electricians and concreters to plumbers and builders, there are a range of insurance services and advantages that should be considered to manage risks and remain protected.
Essential policies for Trades Businesses
Public Liability Insurance
Public Liability cover specifically protects you and your business against any claims of injury or property damage by a third party that arises as a result of your negligence. A third party may include a customer, supplier or member of the public.
Some circumstances, for example, may involve faulty machinery leading to an incident, someone tripping on something on business property and injuring themselves, or a worker when working with a customer accidentally damaging the customer’s property.
In an industry riddled with risk, this policy will aid to cover potential costs of replacement, repair or damage to compensate third parties when claims are made following a Tradies negligence.
Tradies Tools Insurance
Tradies Tools Insurance is essential to cover the cost of loss, damage or theft following forcible and violent entry and loss of your tools. If something happens to your tools, there can be a large cost to replace them and a loss of income if these are unable to be replaced quickly.
Tools can be a popular choice for theft as they are easy to steal and sell. Ensuring that you cover your tools will mean you do not fall behind on projects and remain able to start new jobs with comprehensive insurance for your tools that will have you prepared in the event or loss.
Injury & Illness Insurance
To protect your income Injury & Illness Insurance will assist you in the event that you are physically unable to work due to accident, injury or sickness. With benefit periods of up to 5 years and waiting periods as low as two weeks, this policy will see that you are not at a loss after unforeseen circumstances and can get back on your feet as soon as possible.
Good Risk Management
Aside from having the appropriate types of cover, you should ensure you are taking other precautions in order to reduce risk of catastrophic events occurring that may impact yourself, your employees or the business.
It is imperative that yourself and your employees are all trained properly for any jobs they are undertaking and hold the appropriate qualifications. You should also obey Occupational Health and Safety requirements, and ensure yourself and others are competent in first aid and have undertaken training where required.
When working in proximity with others’ property or belongings, extra care should be taken to ensure no damage is caused. The appropriate protective gear and clothing should also be worn and the appropriate tools adopted for each project.
Atlantic Insurance can assist you
At Atlantic Insurance, we understand that being a tradesman involves years of refining your craft, over time developing smarter processes and understanding quality materials. We have been accommodating the various needs of our trades clients for over 25 years. We, too, consistently review the insurance market and complete professional development to better assist you and offer top quality Insurance for Tradies.
Enjoy competitive premiums, interest-free monthly premiums in some cases, and access to a wide range of products and insurers with often no paperwork required. Contact us today to discuss the appropriate policies to protect your assets and liabilities and receive a quote.
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.
