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| Income Protection | Life Insurance | Public Liability | Tool Insurance | TPD Insurance | Trauma Insurance | Business Expense Insurance | Key Person Insurance | Which do I need? |
Insurance for a New Tradesman
Last Updated: 31 December 2011
So you've finished your apprenticeship and now you're a fully fledged tradesman. Many people in your situation will now choose to run their own business or work with another business as a subbie. Whichever way you go, you're going to need some insurance.  Public Liability InsurancePublic liability covers you for any property damage or personal injury that you cause to someone else. If you suffer such an event and have to pay for repairs or are taken to court for damages, your public liability insurance policy will cover the costs.Many tradies will find that public liability insurance is mandatory in order to enter some worksites, and there are certain trades where the insurance is a requirement of your licence, as it is the case for electricians in Queensland. The average new tradesman will require $5 million cover, however there will be some situations where more cover will be required. For tradies working on sites such as shopping centres and large commercial buildings, the amount of cover required can often jump to $10 million or $20 million. If you are unsure of how much cover you need, first of all you should speak with any companies that you are contracting to, as they may have specific amounts that they require. Alternatively you can speak with an insurance broker, and of course here at Trade Risk we can help you with that. Public liability insurance is generally quite cheap for a tradesman, but it does depend on your trade and the type of work you do. For a carpenter the cover can be from as little as $400 per year, but for some trades such as boilermakers the premiums can be considerably higher.
Most worksites and construction companies won't necessarily set a minimum amount that you must be covered for, however there is a maximum set by the insurance companies, which is 75% of your annual income. The reason that income protection is so important for a subbie is that as a subcontractor you are not eligible for sick leave, so you could be left out in the cold if you cannot work due to injury or illness. Workers compensation will cover many incidents that happen on the worksite, however a proper income protection policy will ensure you have full cover wherever you are. All income protection policies have a waiting period and a benefit period. For more information you can check out our page on income protection.
Here at Trade Risk we have a network of financial advisers and insurance brokers around Australia who specialise in the building and construction industry, and can help you by tailoring an insurance package that suits your needs and your budget. To obtain quotes on your tradesman insurance please complete our online quote request or simply get in contact with us for an obligation free chat. To learn more about how Trade Risk operates please view our terms of use.
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Tradesman Insurance
 Income Protection
Life Insurance
TPD Insurance
Trauma Insurance
Business Expense Insurance
Public Liability Insurance
Tools Insurance
Key Person Insurance
Which ones do I need?
 
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| Important Information:
Information on this website should be seen as general advice only, as it does not take into account your personal circumstances. You should not act upon any information on this website without first consulting a qualified financial adviser or insurance broker
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