With the number of risks you face in your day to day work, it’s essential that tradesmen have the right insurance in place. It gives you peace of mind that you’ll be protected financially when things go wrong. However, with so many policies out there for tradesmen, it can be hard to decide which insurance package is right for you.
If you’re a tradesman and looking for cover for your business, we’re here to talk about our top four picks when it comes to trade insurance policies.
1. Public Liability Insurance
If you could pick only one insurance policy, this would be it. Public Liability Insurance protects you financially if you’re found liable following damage to property or injury to a third party. It also covers your legal bills if you need to contact a lawyer during the claims process. No matter how careful you are, the nature of your work as a tradesman means that it’s easy to find yourself at the receiving end of a liability claim which is why you need to have cover in place.
2. General Property Cover
As a tradesman, you rely on your tools of the trade and other equipment so you can get on with your work and it would be a serious inconvenience if something were to happen to them. Not only that, it’s very costly to fork out for repairs and replacements. For that reason, General Property Cover is an essential form of insurance for tradesmen as it covers you financially if your transportable items, like your tools, are lost, damaged or stolen.
3. Workers Compensation Insurance
Not only is Workers Compensation Insurance important, it’s also compulsory in Australia if you have employees working for you. It means that if an employee is successful with a workers compensation claim, you’ll be reimbursed for payments made to the employee as a result of the claim. This can include medical bills, specialist equipment, rehabilitation costs and ongoing wages. Workers Compensation is designed to protect both you and your employees.
4. Personal Accident and Illness Insurance
Personal Accident and Illness Insurance means that you’ll continue to receive a percentage of your income, generally around 75%, if you’re unable to work due to injury or illness. The physical nature of a tradesman’s work means that an injury could see you unable to work for some time which is why this type of cover is important. It will allow you to continue to receive an income so you can keep up with expenses and maintain your lifestyle while you recover.
At GSK Insurance Brokers, we are a trade insurance specialist and understand the specific areas of risk which tradesmen need to have covered. We get to know your situation and provide a tailored insurance solution which covers all of your risks, no matter your trade. We have established relationships with trusted insurance providers which means we can provide the best coverage at a competitive price.
If you’re looking for trade insurance in Perth, contact GSK Insurance Brokers on 08 9478 1933.