We know you already have insurance for everything, house insurance, car insurance, health insurance, life insurance, to name four. But if you are a tradie, you need to consider tradesman insurance too. In this article, we will detail the different types of insurance available to merchants and why you need a policy.

Income protection – Just in case

Any person whose whole life is dependant on them having a consistent income needs to have that income protected. What use is it in having a house, car, health, and life insurance if because of an accident at work you cant pay for any of them. If you get hurt on the job, your employer might cover a few week’s salaries if you are lucky. The social will not keep a roof over your head. But income protection will pay you monthly benefits to cover your lost income.

Public liability

If you are working around the public, you need this insurance cover. If you or any equipment you are using cause injury to another party, this type of policy has you covered. This doesn’t include your employees.

Vehicle and tool insurance

We recommend that you don’t find out the hard way; most standard vehicle insurance policies will not cover the full cost of the tools and equipment if your car is stolen. Nearly every plan will require that you pay for extra cover. Your commercial insurance policy must cover the cost of replacing any tools you could lose through theft.  Find some good information on tradies insurance here – https://www.iselect.com.au/business-insurance/tradies-insurance/

Some states now have mandatory insurance requirements for tradies.

For example, Victoria insists on every registered builder having specific insurance depending on the class of license they hold. Many companies now require independent tradies to be Insured before they will offer them employment. In other words, being insured makes you more employable. More available work means more money coming in, which could potentially cover the cost of any insurance outlay.