Tradesman Insurance

Tradesman InsuranceHaving an insurance plan in place is important for all Australians, but tradesmen are a special case when it comes to insurance.

Unlike most other occupations in Australia, tradesmen face a number of specific insurance requirements that they must meet in order to do business.

Depending on their business, a tradesman may be required to have a variety of covers in place including public liability insurance and income protection.

Tradesman Insurance Requirements

Most tradesmen, specifically those who are self-employed or work as subcontractors, will be required to have a public liability policy in place.

In some cases this requirement is set by the various state governments when granting licenses, and in other cases the requirement will be set by the building company or contractor who is utilising the tradesman’s service.

Tradesmen are also often required to have an income protection plan in place.  Again, this is generally only relevant for self-employed tradies and subcontractors.

Trade Insurance Plans

A good trade insurance plan can include much more than just public liability and income protection.

Many tradesmen also choose to insure their tools, which is a great idea considering the number of tradies who have had tools stolen from their homes and vehicles.

Some tradesmen, especially those with mortgages or children, include other personal forms of cover such as life, TPD and trauma in their overall insurance plan.

Of course your insurance plan could just include a basic public liability policy and nothing else, but generally a plan should include a range of covers to protect you from a range of financial risks.

Putting the Plan Together

A tradesman can have a full insurance plan which incorporates a range of covers including public liability, tool cover, income protection, life, TPD and trauma insurance.

Although each of these different covers can form the overall insurance plan, it won’t always be held with the same insurers.

With the help of a good insurance broker and financial planner you can put together a plan which uses the best value policies from a range of different insurers to build the best overall plan.

Tradesman Insurance Quotes

If you would like to put together your own trade insurance plan, the first step is to start looking at what cover you need and how much it’s going to cost.

You could work it out for yourself and obtain the quotes separately from each insurer, however an easier option is to use a financial adviser and insurance broker who knows your trade and can put together the best plan for your needs.

For more information search Google for ‘trade insurance’ and contact a few of the companies listed to see how they can help you.

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