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Handyman

If you’re a tradie, there’s a good chance you might need some insurance.

Tradies in Australia are required to have a range of insurance covers depending on their employment status and their particular trade.

There are three main types of tradies insurance:

  • Public Liability Insurance
  • Income Protection
  • Tool Insurance

In this guide we will take a look at each of these important forms of insurance for tradies, as well as what they cover and who needs them.

If you would prefer to speak with an insurance expert about any of these covers please call us on 1800 808 800, or to obtain a quote please complete our tradies insurance quote form. Alternatively please feel free to read on.

Tradies Public Liability

The most commonly required form of tradies insurance is public liability.

What is it?

Public liability will cover you if your negligence causes property damage or personal injury to another person.

If you are found responsible you will be liable for costs which can include repair, replacement, medical expenses, rehabilitation and even lost income.

Without public liability insurance you would have to pay these costs out of your own pocket, but with the right cover in place you can rely on the insurer to meet the costs provided that the incident is within the policy coverage.

Which tradies need it?

Public liability is required by tradies who are self-employed, including those working as subcontractors.

For some of these tradies the cover will be optional, however many worksites have mandatory public liability requirements.

Some tradies will also need the cover as part of their licensing requirements.

Tradies Income Protection

After public liability, the second most common form of tradies insurance is income protection.

This term is also commonly used to describe sickness and accident insurance, however proper income protection insurance is considered to be a superior form of cover.

What is it?

Income protection can replace up to 75% of a tradies income for a period of time if they cannot work due to injury or illness.

The purpose of income protection is to ensure that you can continue to pay your mortgage or rent, as well as keep food on the table, even if you cannot earn an income through work.

Which tradies need it?

All tradies can benefit from income protection insurance, but predominantly it is the self-employed tradies and subcontractors who are required to have it.

Many worksites have requirements in place for all self-employed and subcontracting tradies to hold income protection insurance. This is because these workers will not be covered by sick leave or worker’s compensation.

Income protection is never mandatory for tradies employed on wages, but it is still a good idea for any tradie seeking more security for their family than simple sick leave or worker’s compensation can provide.

Tradies Tool Insurance

Most tradies won’t be able to work without their tools, so it is important to protect them from theft and other dangers.

Unfortunately there are many people out there who are willing to steal from others, and tradies tools are a prime target.

What is it?

A tool insurance policy can help to ensure that your tools are replaced if they are stolen or damaged.

Each policy will have different levels of coverage. A typical policy will cover theft following forced entry, fire and storm damage and damage caused in a vehicle collision.

The most important cover for many tradies is theft, but unfortunately not all policies cover theft. It is important to read the policy wording carefully or seek advice from an insurance expert such as those here at Trade Risk.

Which tradies need it?

All tradies can benefit from tool insurance. If you couldn’t work without your tools, and you don’t like the idea of replacing them out of your own savings, then tool insurance is definitely worth considering.

Advice and Information for Tradies

Here at Trade Risk we specialise in insurance for tradies all over Australia. Our insurance advisers deal exclusively with tradespeople and they know how to look after you.

Our expertise in tradies insurance means that we know which policies are going to meet your needs whilst still providing great value for money.

For more information about insurance for tradies or to obtain a quote please call our office on 1800 808 800 or complete our online quote request.

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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