Tradies experience a unique set of risks every day. It doesn’t matter what trade you are — a plumber, builder, electrician or painter, ensuring you have the right Trades Insurance is essential to protect your business, yourself and your employees in the event of an accident, damage or loss. Read on to find out what insurance coverage tradies in Victoria should consider.
Why Trades Need To Assess Their Risk
Developing a better understanding of the range of Insurances available for Tradies has never been more critical. However, selecting the right cover for your risk can be challenging if you’ve never done this before. Atlantic Insurance Client Managers have provided trades insurance for over 25 years and can help assess your risk.
They will determine the potential impact and severity of threats and the likelihood of them happening along with highlighting control measures if necessary. While assessment and management should be an ongoing process, it’s essential when any changes have impacted your business activities. Risk analysis is also crucial as it can inform the level of financial protection your business requires and enables you to make a decision whether to transfer this risk to insurers.
Why Tradies Need Income Protection Insurance
One of the biggest assets that requires insurance protection is your ability to earn an income. Our Client Managers can advise you on options to protect your Income via a Personal Accident and Illness General Insurance Policy or we can refer you to Atlantic Financial Services for various personal risk insurances including Income Protection and Life Insurance. A Personal Accident and Illness insurance Policy covers trades if they are injured, have an accident or are ill and can’t work. These policies can provide a selected weekly financial benefit for up to 5 years and provides peace of mind that you can continue to meet your business and personal financial commitments.
Why Trades need Public Liability Insurance
Our Client Managers recommend that any Trades Business have a Public Liability Policy. A Public Liability Insurance policy is vital in an industry where accidents may lead to damage or injury not only to you and those associated with the business but also to a customer or member of the public. This type of tradie insurance protects you against claims by third parties happening anywhere in Australia due to negligence causing property damage or bodily injury.
Why Trades Need Professional Indemnity Insurance
If you’re working on government projects, providing advice or offering some form of professional service, there is often a contractual requirement that you have a Professional Indemnity policy. A small or medium-sized business can purchase Professional Indemnity cover for $1 million, $2 million, $5 million or above if required. Our Client Managers can help you secure an affordable insurance solution that will provide protection against claims that arise following negligent professional advice or professional service.
Why Trades Need Product Liability Insurance
A “product” is often defined under a Public and Products Liability Policy as any goods, products and property after they have ceased to be in your possession or control which are deemed to have been manufactured, grown, extracted, produced, processed, constructed, erected, installed, repaired, serviced, treated, sold, supplied or distributed by you. Product Liability Insurance is designed to cover you if the product you’ve supplied has caused damage or harm. If someone has their property damaged or suffers an injury due to an actual or perceived fault in this definition of product they may take legal action against you or your business to recover their loss.
Why Tradies Need Tools Insurance
Claims are commonly made on Tools Insurance, which is necessary to cover the cost of loss, damage, or theft of your tools. Without your tools, getting on with the job can be impossible. Tradies Tools and Stock Insurance is designed to protect the assets that allow you to earn an income and get you back on the tools faster.
Trades Insurance with Atlantic Insurance
At Atlantic Insurance, we have been catering to the insurance needs of those within the trades business for over 25 years. You can always rely on your experienced Client Manager to work with you to select the appropriate policies to protect your business and to assist in lodging any claims and seeing them through to finalisation. Contact us for a quote or for more information about claims and insurance for those in the trades industry.
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. You 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.