The types of business insurance required by a tradie or a trade business can vary hugely depending on your business.

Here at Trade Risk we can assist with all insurance types, and as your broker it’s our job to help you through the process of knowing what you do and don’t need.

We’ve put together a range of guides on each insurance type.  Check out the list below, and click for a quote or more information:

Public Liability Insurance

By far the most common form of business insurance for tradies is public liability.

This insurance will cover you in the event that your negligence results in property damage or personal injury to a third party.

It is vital for any self-employed tradie, and mandatory in many cases for licensed trades.

We can provide instant quotes and online cover for public liability, or we’re always happy to have a chat if you prefer.

Personal Accident Insurance

If you’re self-employed, any time off the tools is most likely going to impact your income.

Personal accident insurance can look after you by replacing a large portion of your income for a period of time whilst you’re unable to work due to injury or illness.

Cover ranges from a basic policy that will only cover you for injuries sustained on the worksite, through to more comprehensive 24/7 cover for both injury and illness.

Income Protection

Income protection insurance is quite similar to personal accident insurance, but is offered via financial advisers rather than insurance brokers such as Trade Risk.

Whilst we don’t offer income protection ourselves, we can refer you to one of our partners who can.

Tool Insurance

Your tools and equipment are a huge part of your ability to make a living.

Power tools are a massive target for thieves, and every day around Australia tradies are having their gear knocked off.

Tool insurance can’t stop it from happening, but it can cover the costs of replacing your tools should the worst happen.

Please note that we are unable to offer tool insurance on its own.  We can only offer it when taken in conjunction with a public liability policy.

Plant & Equipment Insurance

Whilst tool insurance can cover your portable power tools, if you have more serious machinery you’ll need to look at plant & equipment insurance.

This can cover larger items such as excavators, lifts, loaders and cranes etc.

Commercial Motor Insurance

Many tradies insure their ute or van through a standard insurance policy, but this isn’t always the best option.

We can assist with a proper commercial motor policy that may be more appropriate for your business vehicles.

Contract Works Insurance

If your business is entering into contracts to undertake work, you may be in need of contract works insurance.

In some cases your contracts will specify that this insurance is mandatory, whilst other times it’s simply a good idea regardless.

The policy covers some similar risks to public liability, but where you are responsible due to your contractual obligations rather than your negligence.

Professional Indemnity Insurance

This isn’t a particularly common form of insurance for tradies, but we are getting more and more people asking about it.

We can assist with information and advice.  We don’t have an online quote form for professional indemnity, but our staff can arrange for the specific form to be emailed to you.

Workers Compensation

In most Australian states and territories workers compensation is managed by a state government department or agency without any involvement from brokers like Trade Risk.

So we can’t assist with workers compensation, but we have put together a guide as well as a list of contacts for each state.

Trade Credit Insurance

Sadly the building industry does have a reputation for big companies going bankrupt and leaving smaller contractors and subcontractors out of pocket.

There is a type of insurance available to protect you from this, however it’s not cheap, with premiums starting at around $10,000 a year.

This means the insurance is more suited to businesses turning over more than $1 million per year.  If you fit into this category we can assist.

Business Pack

A business pack or “biz pack” isn’t a type of insurance, but is a term often used to describe a business insurance policy that includes a number of different covers.

It is more commonly used for businesses that operate from their own premises, either owned or rented.  The cover would typically include your public liability, plus a range of other options including the following:

  • Professional indemnity
  • Commercial motor (including fleet)
  • Property
  • Contents and stock
  • Business interruption
  • Transit
  • Machinery breakdown
  • And many more…

Trade Insurance Quotes

Here at Trade Risk we can arrange for a trade insurance quote on any of the covers listed above.

Our team of trades insurance professionals have access to a wide range of insurance companies, and will work hard to find the best quotes to meet your business needs as well as your budget.

If you are comparing insurance quotes from other insurers, please remember that not all insurance policies are the same. If you have been quoted a lower price on your trades insurance elsewhere, let us know and we’ll compare the cover for you to ensure that you’re properly covered.

For more information please contact us, or if you would like to obtain a quote on your insurance please follow the links to our online quote request forms.

Trade Risk Press

Personal Risk Insurance

The following types of insurance are sometimes referred to as personal risk insurance, or lumped into the one broad “life insurance” category.

As insurance brokers we don’t deal with these types of cover, and instead you’ll need to refer to a financial planner.

The following is for your information only, and we recommend speaking with a financial planner for more information or advice.

Life Insurance

If you’ve reached the stage of getting married, having a mortgage and children, life insurance is a important way of providing some financial security.

Most tradesmen will have some life insurance through their superannuation, but it’s worth looking at whether or not you have enough.

TPD Insurance

TPD stands for ‘total and permanent disability’.  The cover is designed to pay a lump sum if you suffer an injury or illness that leaves you unable to ever return to work.

Whilst your income protection is all about replacing your income, TPD insurance is more about covering other costs such as medical, rehabilitation and even home and car modifications in the event you end up in wheelchair.

As with life insurance, you’ll most likely have some level of cover through your super fund, but it’s worth taking a look to see if the cover is sufficient for your needs.

Trauma Insurance

Trauma insurance is similar to TPD insurance in that it pays a lump sum, but rather than being linked to your ability to return to work it simply pays on the diagnosis of certain medical conditions.

There are dozens of different conditions covered, but typically we’re talking about the big ones like heart attack, stroke and cancer.