Trades Insurance

For people working in the trades throughout Australia, insurance is one thing that we will all need to consider at some stage.

The type of trades insurance you require will depend on a number of different factors including your business structure, the type of work you do and you family and financial situation.

At a minimum most workers in the trades will require public liability insurance and income protection, however there are a number of other covers also worth considering.

What is Trades Insurance?

Trades insurance is not a single form of insurance. Rather, it is a term used to describe a range of different forms of insurance that tradesman may require.

Insurance policies included within a trades insurance package may include the following:

• Public Liability Insurance
• Tool Insurance
• Income Protection Insurance
• Life Insurance
• TPD Insurance
• Trauma Insurance
• Business Expense Insurance
• Key Person Insurance

Some of these covers will have slightly different names depending on the insurance company. For example income protection insurance is sometimes known as disability insurance insurance, and trauma insurance is sometimes known as critical illness insurance.

Which Trade Covers Do I Need?

Different types of insurance will be important to different types of tradesmen.

For example an apprentice tradie might only take out tool insurance during their first couple of years, and then as they start to take on financial responsibilities they may also wish to consider income protection insurance in order to protect their way of life.

When a tradesman goes from being on wages to being a subcontractor or business owner, they will also have to take out public liability insurance, which is mandatory in many cases.

As a trades business grows, the business owner may wish to consider covers such as business expense insurance and key persona insurance which provides additional protection for the business and its owners.

Trauma insurance and TPD insurance are also important covers for a tradesman to consider, especially once you have financial and family commitments to think about.

In most cases your trade will not have any impact on your insurance requirements, however there are some notable exceptions.

When it comes to public liability insurance, electricians in Queensland require a special form of cover which includes consumer protection insurance, and plumbers in Victoria also have a similar requirement.

Insurance Companies

Most of the mainstream insurance companies in Australia offer cover for working in the building and construction trades, however some insurers are better than others for certain trades.

Just because one insurance company is the most competitive for your mate who is an architect does not mean they will also be the best for you as a carpenter.

It is important to shop around to find the insurer who will provide the best value cover for your particular trade and overall circumstances.

In many cases there will not be a single insurer who can offer you the best deal on your overall trades insurance package. For example one insurer may be the best for your income protection, whilst another is best for your life insurance.

There is no problem with mixing and matching your insurance covers between insurers.

Trade Insurance Quotes

Insurance quotes for trades insurance can be obtained in most cases directly from the insurers, however this can lead to a lot of wasted time as you need to contact each insurer separately for quotes on each different type of cover.

A far easier option is to use an insurance service which can not only provide all of your quotes at once, but also specialises in tradesman insurance and knows which insurers and policies will be suited to you.

Here at Tradesman Insurance we of course specialise in trades insurance and can help to find the best deals on the cover you need. Whether you want the cheapest tradesman insurance or the most comprehensive cover, we can help you

Our network of insurance brokers and financial advisers have been helping tradies all over Australia with their needs for a number of years, and we believe that they are the best in the business.

To obtain a quote on your trades insurance please complete our online quote request for a no obligation quote from one of our network members.

For more information on your insurance needs please contact us for an obligation free chat.