Insurance for Formworkers
If you’re a carpenter doing formwork it’s important to ensure you are properly insured.
Many of the public liability insurance policies issued to carpenters do not actually cover formwork, which can leave you exposed if something was to go wrong on site.
Thankfully here at Trade Risk we are experts in the building and construction industry, and we know how to get the right cover for formworkers.
Are you properly covered?
From our experience, many formworkers refer to themselves as carpenters when taking out business insurance.
This is probably because most insurers don’t list formwork as an occupation.
The problem is that some companies do not actually cover formwork under a carpentry insurance policy, and of those that do often the amount of formwork is limited to no more than 50%.
So if you are doing formwork and take out a policy designed for a carpenter, you could find yourself in strife if you need to make a claim.
This is why it’s important to let your broker or insurer know that you do formwork, and ensure that they set the policy up for you correctly.
Of course here at Trade Risk we are fully across the issue, and will ensure that you are properly covered.
Types of insurance
There are a number of different trade insurance types that formworkers can benefit from, but in terms of the most common it would have to be public liability insurance.
Public liability will cover you if your work results in property damage or personal injury to another person.
Many formworkers ask whether or not faulty or defective work is covered under a public liability policy, as any fault in your work could have major consequences.
We recommend that you read our guide on faulty workmanship for more information, but basically the policy will cover the consequences of the work, but not the rectification work.
Tool insurance is another popular form of cover, and can protect your tools from a range of risks such as theft from a secure location, fire and storm damage.
For self-employed tradies it’s also worth looking at income protection insurance, as in most cases if you cannot work you’re not going to get paid.
More information
Our team know how to setup insurance for formworkers correctly, and can get you the right policy at a competitive rate.
To speak with one of our trade insurance experts please call us on 1800 808 800 or complete our online quote form.
