For any subcontractor or self-employed tradesman there are a number of different insurances available. Some of these insurances are mandatory, whilst others are simply a good idea.

Here’s the lowdown…

Public Liability Insurance

Also known as broadform liability, this cover is mandatory for most trades in all Australian states. Levels of cover generally vary from $5 million to $20 million depending on your needs.

Public liability insurance protects you in the event that someone sues you after suffering a loss due to your actions.

Income Protection

Income protection is mandatory for many tradies in order to get onto a worksite. This cover provides protection for your income, and will replace up to 75% of your income in the event that you cannot work due to injury or illness.

Although the cover is only required to get onto the worksite, we only recommend policies that provide full 24hr worldwide cover. This means you are covered not only on the worksite, but also away from the worksite.

Tool Insurance

Tool insurance protects your tools against loss or theft in a similar way to car insurance. This insurance protects your tools against theft, as well as damage or loss due to fire, storm, flood and a number of other events.

Building Project

There are two different levels of cover when it comes to theft. The unrestricted policy provides cover regardless of whether your tools are secured or not, and the restricted policy only covers your tools if they are kept securely and there is evidence of forced entry.

The restricted cover is considerably less expensive than the unrestricted cover.

TPD Insurance (Total and Permanent Disability)

TPD insurance pays a lump sum to you in the event that you suffer an illness or injury that leaves you unable to work ever again. Whilst this cover is not mandatory, it is highly recommended for anyone working in the manual trades.

Trauma Insurance

Trauma insurance pays a lump sum to you in the event that you suffer a traumatic event such as cancer, heart attack or stroke. Whilst this cover is not mandatory, it is highly recommended.

If you are newly self-employed and would like to discuss your insurance needs, call us on 1800 808 800 or complete our online form for an obligation free quote.

Tradies Love Trade Risk

In 2017 Trade Risk was awarded a Gold Trusted Service Award for the amazing service we offer to thousands of tradies from around Australia.

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    | Tradesman Insurance |
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    | Tradesman Insurance |