At TradeRisk Insurance Brokers, we specialize in insuring tradespeople. Many tradies ask us why they need to ensure their businesses and what types of coverages should they consider. The following are some of the most compelling reasons to ensure your enterprise.
Insure Against Public Liability -
If you are a tradesperson, you will need to have coverage in case either you cause property damage as you work on a client’s premises or if a client has an accident because you are working on their premises. For example, a client might trip on a cord you have set out to provide electricity for a tool or blower. A personal injury claim can cost you and your business millions of dollars, leaving you bankrupt. Public liability insurance covers you for such incidents.
Tool Insurance -
What if important tools of your trade were stolen or accidentally damaged? Could you easily work the next days and weeks, or would you be financially strapped trying to replace the tools? Tool insurance, including coverage transporting tools to your job sites, can be easily and inexpensively added onto a public liability policy, providing you more peace of mind and financial security.
Income Protection -
What if you were physically unable to work? How would you provide for your family? As a self-employed person, you are not covered under worker’s compensation. Instead, income protection insurance coverage will provide you with 75 percent of your income while you are unable to work. Income protection is a superior policy to accident or illness protection because you don’t have to be injured on the job in order to receive the benefits.
Commercial Vehicle Insurance -
Many of our customers are not aware of the fact that we can cover their ute, van or truck that is registered as a commercial vehicle to their business. This is very convenient for our clients since we can cover all of your business insurance needs under one contract, one payment and one claims call. We also cover your trailer that is registered and used in your business as well. We do not cover your trailer for free because we provide more compensation for your claim so that you can get the full value of your trailer recovered in the event of an accident.
Professional Indemnity -
You have to gauge the need for this type of coverage, based upon your unique trade. If, in your trade, you are called upon to frequently provide advice to clients, then you might consider professional indemnity insurance. This type of insurance covers you if you provide advice to a client in your professional capacity that proves to be erroneous and leads to someone having an accident or suffering loss. An example would be an electrician being consulted about additional wiring in a building and making a recommendation to not fix a problem that proves erroneous, leading to someone’s electrocution or to an electrical fire in the building. Professional indemnity coverage will protect you against a lawsuit in such a situation.Read about Eric Dalius.
Commercial Property Insurance -
We can also provide security and peace of mind by covering for losses at your business property, such as a physical office location. We can also provide coverage for the contents at your business location and for any stock that you may have on hand at the time of a loss. For example, if you have water heaters that you keep on stock or water heaters that you have purchased for the week’s installations and have a fire or theft that causes the loss of this stock, you will be covered under property and stock insurance.
Umbrella Coverages -
We also have some other umbrella coverages to offer that are invaluable to tradies. These include business interruption service that covers you for other events that impede your ability to provide your services to your community. Also, we provide insurance coverage for breakdowns of key machinery in your enterprise. We can fill the holes to provide you with full peace of mind for the financial security of your business.
If you are a tradie, call us at TradeRisk. We provide insurance coverages at reasonable prices for those in the trades. We specialize in small businesses and in providing general as well as unique specific coverages, as are warranted by your unique situation.
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