A Guide to Trades & Services Insurance in Australia.
Trades & Services Insurance is specifically designed to safeguard professionals in trades such as carpentry, electrical work, plumbing, bricklaying, and others, in the event of unexpected incidents on or off the worksite. This type of insurance includes Public & Product Liability coverage, which can protect you if you are deemed legally responsible for injury or property damage to a third party.
Who Should Consider Trades & Services Insurance?
When working as a tradesperson or service provider, you may often encounter unfamiliar conditions while providing services on various properties. There is always a risk of injury to yourself, a customer, or a member of the public in the course of your work, which is why it's crucial to consider protection for public liability.
Your business vehicles and tools are crucial assets and keeping them in good working condition is essential. It's important to consider coverage to protect them so that you can quickly repair or replace them in case of any damage or loss.
What Does Trades & Services Insurance Cover?
Trades & Services Insurance policies are tailored to the specific needs of individual businesses, taking into account factors such as the size of the business, the industry in which it operates, and the level of risk associated with its operations.
Most policies will cover the following:
Public Liability Insurance, which covers accidental injury or damage to third-party property caused by the business or its employees
Tools and Equipment Insurance, which covers the loss or damage of tools and equipment used in the course of the business
Business Interruption Insurance, which covers lost income and ongoing expenses if the business is forced to cease operations due to an insured event, such as a fire or flood
Personal Accident Insurance, which provides coverage for accidental injury or death of the business owner or employees while on the job
Commercial Vehicle Insurance, which provides coverage for vehicles used in the course of the business
DID YOU KNOW Your Public Liability policy provides coverage throughout Australia, enabling you to showcase your trade skills in different locations!
How am I covered?
Here are some examples of typical claims that may be covered by Trades & Services Insurance:
Public Liability Insurance: A plumber accidentally causes water damage to a client's property while fixing a leak. The client may file a claim for the cost of repairs and any related expenses.
Tools and Equipment Insurance: A carpenter has their tools stolen from their vehicle while parked at a job site. They can make a claim to cover the cost of replacing the stolen tools.
Business Interruption Insurance: A mechanic's workshop is damaged by a fire and the business is forced to close for several weeks while repairs are made. The mechanic can make a claim for lost income and ongoing expenses during this period.
Personal Accident Insurance: A roofer falls off a ladder while working on a job site and suffers a serious injury. Personal Accident Insurance can provide coverage for medical expenses and lost income while the roofer recovers.
Commercial Vehicle Insurance: A landscaping business has one of their vehicles involved in an accident while driving to a job site. Commercial Vehicle Insurance can provide coverage for repairs or replacement of the vehicle, as well as any third-party damages or injuries.
These are just a few examples of the types of claims that Trades & Services Insurance can help protect against. The specific coverage provided by a policy will vary depending on the needs of the business or individual and the types of risks associated with their work. It's important to consult with an insurance professional to ensure that your policy provides adequate coverage for your specific needs.
It's important to note that the specific coverage provided by a Trades & Services Insurance policy will vary depending on the nature of the business and the specific risks associated with its operations. For example, a policy for a builder may provide coverage for damage to a property during the construction process, while a policy for an electrician may provide coverage for faulty wiring that leads to a fire.
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