There’s no denying it – running a trades business involves risk.
Taking on those risks without insurance in place is total lunacy. You really want to risk your house by working without insurance?!
In most cases you won’t have a choice anyway. Public liability insurance is mandatory for trades licenses such as electricians and plumbers, and many builders will want to see your insurance certificate regardless of your trade.
So you’re going to need public liability insurance at a minimum. But do you just buy it online like your car and home insurance, or should you use an insurance broker?
Whilst you can do it yourself, it’s really not worth the risk. Unless you’re willing to read through multiple 100+ page documents and actually understand all of the terms and conditions, not to mention the exclusions, it’s not worth it.
Using an insurance broker, and especially one who specialises in the trades, can help to ensure that you’re getting the right cover for your specific business.
Not only that, they can also help to find you the best deal on your insurance.
What other types of trade insurance do I need?
If you’re a self-employed tradie you certainly would have heard of public liability insurance, but there are other forms of insurance worth considering.
Tool insurance can cover the cost of replacement items if your tools are stolen, or damaged in a fire or vehicle collision.
Personal accident insurance can cover a large percentage of your income for a period of time if you’re unable to work due to injury or illness.
There are many others too, but what you need all depends on how your business is setup and what you’re doing, plus the size of your business and whether or not you have staff or large assets etc.
The best option is to speak with an insurance broker. We recommend Trade Risk Insurance Brokers who specialise in insurance for tradies and builders.
Whether you choose to go with Trade Risk or any other broker, our recommendation is to get some good advice around what you need, so your business and your personal assets are properly protected.
* Trade Risk is a long-standing supporter of Trades.com.au
Tradesman Insurance Services Pty Ltd t/as Trade Risk (CAR 422847) is a Corporate Authorised Representative of Community Broker Network Pty Ltd, Australian Financial Services Licence No 233750. ABN 60 096 916 184.