If you’re a tradesman, or perhaps the better half of a tradesman, you’ll know that there are certain types of insurance that you need to have.

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There are certain types of insurance that are mandatory for many tradies, such as public liability and income protection, and there are other covers which are not mandatory but are still a good idea, such as life insurance and tool insurance.

Choosing the right cover isn’t always easy, but there are a few tips that can help you.

What cover do you need for your trade?

The most commonly required covers for a tradesman are public liability and income protection insurance.

Public Liability Insurance

The minimum insurance requirement for most trades is public liability insurance. This cover provides protection against property damage or personal injury that you are liable for as a result of your work.

Claims for property damage and personal injury can be very substantial, and can even exceed $1 million in some cases. Having the right public liability insurance will protect you, your business and your family from the financial consequences of such an event.

Some tradesmen will require specific types of public liability insurance depending on their trade as well as the state they are working in.

For example electricians working in Queensland must hold an electrical contractors licence, and to gain this licence they must have a special public liability insurance policy which includes $50,000 worth of consumer protection insurance. Only certain insurers are able to offer this special cover.

Income Protection Insurance

If you are a tradesman working on a construction site, you will most likely require income protection insurance. Income protection is commonly required only by subcontractors and self-employed tradies, but it is a good idea for those on wages as well.

Income protection will cover up to 75% of your usual income if you are unable to work due to injury or illness. There are many different options which can affect your income protection cover, and for more information we recommend you check our income protection page which details all the information you need to know.

There is another type of cover known as Accident & Illness insurance which is often confused within income protection. Although the foundations of the policies are similar, there are some major differences that make these policies inferior to proper income protection.

Choosing the right policies

When it comes to public liability insurance, price is often one of the driving factors. This is a fairly straightforward form of insurance, and therefore the policy coverage between insurers are pretty standard.

It is still worth comparing the features and benefits of different public liability policies, but generally you simply want to find the policy which provides the best value for money.

Income protection is a complete different case, and there can be major differences from one insurance company to the next.

When choosing an income protection policy it is recommended that you use a financial adviser or insurance broker who knows the trades industry well and can recommend a policy that suits your needs. Of course here at Tradesman Insurance we can help you with that.

Other Tradesman Insurances

Whilst these next covers may not be mandatory, they are still a great idea for any tradesman to protect themselves and their families.

Life insurance, trauma insurance and TPD insurance are all designed to protect you and your family from certain events. Life insurance covers your death, trauma insurance covers any critical illness or condition, and TPD insurance protects you against an injury or illness that leaves you unable to work ever again.

More information about these covers can be found by clicking on the relevant links above.

Another form of insurance important to many tradies is tool insurance. You can’t work without your tools, so you need to protect them financially. Tool insurance will cover the replacement of your tools if they are lost or stolen, and some policies will even cover your tools for accidental damage.

Getting the right advice

It’s all good and well to do your own research on tradesman insurance, but to really ensure you’re getting the right advice and the right cover you should seek the services of an insurance expert who knows your industry and knows the risks you are exposed to.

Here at Tradesman Insurance we have a network of qualified and licensed insurance brokers and financial advisers who have access to all of the best insurance companies in Australia. Our team have clients all over the country, and can help you regardless of where in Australia you live.

We can help you to find the cover that will best suit your needs and your budget. We can save you time as well as money.

To see how we can help with your tradesman insurance needs please complete our easy to use online quote request for an obligation free quote, or simply get in contact with us via email or phone.


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