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Insurance for Tradies

04.23.2015 By Elliott Insurance Insurance News

While Public Liability Insurance remains the most common form of insurance for tradies, it’s important to remember there are…

While Public Liability Insurance remains the most common form of insurance for tradies, it’s important to remember there are other forms of cover which can be just as important.

Making sure you have the right forms of insurance in place can offer you peace of mind and mean you are covered if there are any nasty surprises.

Income Protection

Unfortunately, the unexpected can happen and you may find yourself in a situation where you’re not able to work. This lack of income can lead to serious financial consequences, especially if you’re unable to work for some time.

For this reason, Income Protection is one of the most important forms of insurance for tradies. Income Protection protects up to 75% of your income if you’re unable to work due to injury or illness. You’ll generally receive your payments on a monthly basis until you’re able to return to work or until the benefit expires.

Income Protection is particularly important if you’re a subcontractor or self-employed because in these instances, you won’t have any sick leave or holidays to fall back on if you can’t work. If you do have these entitlements, it’s important to remember that these are for the short term only and will not help if you have to be off work for a considerable time.

Although we do not offer Income Protection at Elliott Insurance Services, we can recommend specialists in this area.

Tool Insurance

Tradies can spend hundreds, or even thousands, of dollars on work tools and they are often a vital part of the job. They can also be very expensive to replace if something happens to them.

Tool insurance can protect your tools against fire, theft and damage. Because of the areas many tradies work in, it can be easy for something to happen to your tools and insuring them can save you the financial cost of having to use your own money to replace them.

Portable tools are usually covered by a General Property Insurance policy, while larger tools or machinery may need to be insured separately.

Total and Permanent Disability Insurance

Unfortunately, working as a tradie can be dangerous and sometimes a serious incident can mean you are unable to work again. If this is the case, Total and Permanent Disability Insurance means you can receive the full amount you have insured for in one lump sum.

Tradies are often required to work in risky areas, like building and construction, which have a higher risk of something going wrong. For this reason, it’s particularly important for tradies to consider this type of insurance.

The difference between Total and Permanent Disability Insurance and Income Protection is that you will get the Total and Permanent Disability Insurance in one lump sum rather than monthly payments. Some people have both policies in place as it will mean one lump sum to pay for any large expenses, such as medical bills, and then monthly payments for ongoing cash flow.

Public Liability Insurance

Public Liability Insurance is the most common form of insurance for tradies and covers damage to property or another person that has happened as a result of your work.

Because of the areas that tradies work in, it can be relatively easy for something to go wrong and you may be found financially liable for the costs of a claim. Rather than being faced with having to use your own savings to pay for a claim, having Public Liability Insurance in place means that your insurance company will cover the costs of the damage.

For some tradies, you will not be able to enter some worksites without Public Liability Insurance. It provides you with the peace of mind that you will be covered if something unexpected happens.

How do I get more information?

There are a number of different types of insurance cover that are useful for tradies. Other forms of insurance, such as life insurance, might also be good choices for you. If you’re unsure which forms of insurance cover are applicable to you, speak to your insurance broker and they’ll be able to discuss your specific needs.

To obtain quotes or for any other information, give us a call at Elliott Insurance Services on 1300 635 315 and we would be more than happy to help.