Why Do you Need Insurance for Tradies, and How Can you Get it at the Most Competitive Premiums

Running a business as a sole trader is not an easy task, given the lack of income security, the risk of tool theft, and the enormous responsibilities involved. As a sole proprietor, there is no such thing as workers' compensation, so you will not receive any financial assistance if you are injured on the job. Having the right insurance for tradies will protect you from liabilities, damages, and potential lawsuits.

 

A variety of insurances for tradies are available at the Public Liability Insurance brokers, which include the below ones:

 

Income Protection 

This insurance for tradies will cover up to 75% of your earnings if you are unable to work due to an injury or illness. The policy will pay you a monthly benefit until you are able to return to work or the benefit period expires, whichever comes first. While it covers all trades, this insurance for tradies is especially useful for subcontractors and self-employed workers because they do not have access to worker's compensation or sick leave, which could provide them with some protection. Even if you are a wage earner and have the right to sick leave, it will not help you much if you are unable to work for months or even years.

 

Tools Insurance 

Depending on your trade, you might not be able to do much if your tools are damaged or stolen and you can't get to them. As a plumber or electrician, you have amassed a large tool collection over the years and may not be able to replace them all at once if they are stolen, which could cost you thousands of dollars. Protecting your tools from risks like theft, fire, and damage can help reduce hardships if something goes wrong with your entire collection of valuable tools. Portable tools may be insured under general property insurance provided by Public Liability Insurance brokers in Australia, whereas larger plants and machinery may require separate insurance.

 

Public Liability Insurance 

This insurance for tradies, such as handymen, painters, electricians, gardeners, cleaners, and so on, is one of the most important types of insurance that tradies in Australia can have. For some tradies, it is a legal requirement, while for others, it is simply a prudent precaution. Electricians in Queensland and Tasmania, as well as plumbers in Victoria, are required to carry public liability insurance. You will not be able to apply for or renew a contractor's license if you have insurance for tradies.

A self-employed tradie or subcontractor is personally liable for their actions on the job site. If you cause property damage or personal injury to another person, you are liable for financial damages that can range from a few hundred dollars to millions of dollars in extreme cases. Rather than paying out of pocket and putting your assets at risk, you can obtain public liability insurance for tradies from Public Liability Insurance brokers in Australia, and the insurance company will handle all financial settlement to the extent the claim falls within the coverage amount.

 

Public liability insurance for tradies can be obtained for as little as $40 per month; however, the price will vary greatly depending on your business type and size; for example, if you work in hazardous locations such as mine sites, the premiums may be high because your business activities carry a higher risk. Brokers of public liability insurance can assist you in selecting the best insurance for tradies, such as personal accident and illness insurance, general property insurance, and vehicle insurance.

 

TPD Insurance 

TPD stands for total and permanent disability, which is what the policy is intended to cover. If you suffer an injury or illness that renders you unable or unlikely to work again, it will pay you the full sum insured in a lump sum. This insurance for tradies is especially important for them because of the manual nature of their work and the constant risk of serious injuries on the job.

 

Other types of covers

Public Liability Insurance provides the most competitive quotes for many other types of insurance for tradies, such as life and trauma insurance, which are more popular among tradies who have families to support and mortgages to pay. If you are doing your own construction, you may also need contract works insurance.

 

Get the best online quotes 

Aside from insurance for tradies, you can get the best online quotes from Public Liability Insurance brokers for a variety of insurance types such as professional indemnity insurance, home and contents insurance, motor vehicle insurance, life insurance, cyber insurance, management liability, product recall cover, and more. Public Liability Insurance provides free online quotes for the insurance that you require. Leading insurance companies such as Aon, Qbe, Zurich Insurance, AIG, Allianz, and Marsh provide online quotes. If necessary, the experts at Public Liability Insurance will also assist you with claim processing.