Thanks to our great climate and the resources boom in some parts of the state, Queensland is a great state to be a tradie.
Queensland is home to some of the fastest growing areas of Australia, and with this growth comes plenty of opportunity for tradies working in residential and commercial building, as well as industrial work in the mines.
As with tradies all over the country, all Queensland tradesmen may need to hold various forms of insurance depending on the type of work they do and their business structure.
Qld Trade Insurance
Here in Qld the most popular forms of trade insurance include the following:
- Public Liability Insurance
- Tool Insurance
- Income Protection
Most Qld trade workers who own their own business or work as subcontractors will need a public liability insurance policy.
Public liability cover protects tradies from the financial costs of causing property damage or personal injury to their customers or other members of the general public.
Tool insurance is also very popular with tradies, and simply covers your tools of trade against various losses such as theft or accidental damage.
Some tradies working on larger worksites will find that an income protection insurance policy is mandatory in order to enter the site. This policy covers you for loss of income if you are too ill or injured to work for a period of time.
In most cases each of the three forms of trade insurance detailed above will be fully tax deductible.
Whilst not quite as popular, other forms of trade insurance include the following:
- TPD Insurance
- Life Insurance
- Trauma Insurance
Life insurance protects your family and loved ones financially in the event of your death, whilst TPD insurance fills a similar role in the event that you become totally and permanently disabled. Trauma insurance assists when you suffer a critical illness or condition.
Special Qld Requirements
There are a number of special requirements for trade insurance in Qld. One of the major differences between Qld and the other states is the requirement for a special form of insurance for electricians.
Any electrician who requires an Electrical Contractors Licence must hold a special public liability insurance policy which includes an option known as consumer protection insurance.
Not all insurance companies and insurance brokers can offer this special form of cover, so it is important to find a broker who knows the specific requirements for Qld electricians and other trades.
Insurance Quotes in Qld
There are plenty of insurance brokers in Qld who can assist with quotes on your insurance needs, however it is generally recommended that tradies deal with firms who specialise in trade insurance.
By using a trade insurance broker you will be dealing with a professional who knows the trades and construction industry and can match you up with the right policy that will suit your needs and your budget.
To obtain a quotes request from a Trade Risk network broker please follow the links to our online quote request and complete your details.
For more information on trade insurance in Qld please contact your broker or get in touch with us here at Trade Risk.
