WHAT TO CONSIDER
It might sound odd for trades and construction businesses, but people and businesses are employing you for your skills. If your business involves project management, design, or advice in anyway (even about materials to use) you could be exposed.
If your customer thinks they have suffered a perceived or actual loss then you could be liable. If alleged, you need to defend it. If proven, you pay for the outcome as well as your legal bills.
If you employ people you need Workers Compensation Insurance. It’s compulsory and a legal requirement. It protects employers from financial costs when a worker sustains a work-related injury or disease.
Employers must provide workers’ compensation for anyone they employ that the legislation defines as a ‘worker’.
Western Australia, Northern Territory, Australian Capital Territory and Tasmania are all underwritten direct by insurers. Victoria is managed by Worksafe and underwritten by insurers, and New South Wales and Queensland are underwritten by the State Governments. We can assist you to organise this insurance for your business.
The public liability risk for Construction and Trades is high. Your work place is complex, you visit many different sites and the work is potentially dangerous.
If things go wrong its serious; and accidents and mistakes happen. We are all human.
Public Liability Insurance protects your business for any damages that arise during everyday business activities – whether to people or property. Whether your own or other people’s.
Products Liability covers you if the products – building, electrical, construction – you use, injure or damage a third-party. Whilst the chances of that are low, the consequences are large. In the eyes of the law you are responsible – and need protection.
Your vehicles are an essential tool of the trade. Visiting suppliers, work sites or simply carting tools, supplies and building materials around. In fact, it is impossible to think of tradies without them.
Commercial Vehicle Insurance covers your business for any damages to the vehicles you use or any damages they cause to people or property.
General Property Insurance covers items such as tools, mobile phones, laptops, or materials whether at, or away from your business workplace. Even if you travel.
Given the amount of money tied up in those things it is well worth considering. They can be expensive to replace otherwise.