Tradie’s guide to protecting your business
You’ve got your tools, you’ve got your ute, you’ve got your ABN. You’re all set? Not so fast. It’s important to cover your back – here’s a guide to some of the insurance you’ll need and when.
Product Liability Insurance
No matter how good your handy work usually is, every now and then you can get caught short by a faulty product.
It doesn’t matter if the work was done a while ago, whether it was the manufacturer’s fault or if the claim seems bogus – if something goes wrong with a product you’ve installed, you could find yourself defending a claim.
If you’re a tradie who supplies or installs goods, then you’ll want to consider Product Liability insurance.
Public Liability Insurance
If a contractor who is not your employee is injured while visiting your work site, you may be liable. Even if you’ve done your best to maintain a safe environment, you might still wear a claim if the insurer underwriting their workers’ compensation believes you’re at fault.
This would generally fall back on your public liability policy if it has been structured properly. Meaning that if you’ve got your ducks in a row your public liability policy should take care of it.
Material Damage Insurance
This is the number one exposure for carpenters, mostly because their tools are exposed and often a target of theft. Material Damage insurance can cover much more. Its main purpose is to replace a lost or damaged asset, including buildings, fixtures and fittings.
After all, things often happen that are simply beyond your control, including storm and weather damage, someone stripping a site’s copper, bored teenagers damaging a worksite or even a fire spreading to the site.
It might seem ideal to forgo some of the coverages for the cheapest insurance option, however being underinsured can lead to huge personal costs.
Your best bet is to prepare yourself by talking to one of our experienced insurance brokers. They will take you through your options in plain English to make sure you know exactly what you need.