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The insurance package for tradespeople
CGU have always been a popular insurance option for tradies, but now they have a new package specially designed for trade businesses.
Tradesmen have traditionally been covered through standard business insurance packs, however these often include numerous additional covers which are simply not required by the average tradie operating from his ute or van.
The CGU Trade Pack includes the main forms of insurance that a tradie will need, including public liability, general property and tax investigation cover.
Let’s take a look at these three sections in more detail…
Public and Products Liability
Public liability insurance is by far the most commonly required form of cover by tradesmen.
The public liability cover provided in the CGU Trade Pack will cover you for any compensation you are found liable to pay for property damage or personal injury.
Also included at no extra cost in this section is a cover known as ‘care, custody and control’. Basically you are covered for up to $100,000 for any damage or loss to goods which have been placed in your care.
General Property
This form of cover is more commonly referred to as ‘tool insurance’. This policy will protect your tools from a range of risks including theft and accidental damage.
There are various levels of cover which can be taken when it comes to the CGU general property cover. Options include theft of your tools in open air and theft without forced entry.
Many of the tool insurance policies out there only cover theft from a secure location following forced entry, so these are some great options if you are willing to spend a little more.
Tax Investigation
Traditionally this has not been a particularly common form of insurance for tradesmen, but given that the ATO are known to be targeting tradies it is becoming more popular.
Tax investigation cover (also known as tax audit cover) will cover the costs of having an accountant or registered tax agent conduct an audit on your financial accounts for the ATO.
Tax audits can be very expensive even if you are found to have done nothing wrong, so having tax investigation cover in place is definitely worth considering.
Other Covers
Although it is only the three forms of cover listed above that form the CGU Trade Pack, CGU do have a range of other policies that a tradesman could need.
Such policies include commercial vehicle insurance for your ute or van, as well as accident and illness insurance to help protect your income.
More Information
Whilst CGU are one of Australia’s leading providers of business insurance, they primarily provide their products via insurance brokers rather than dealing direct with the public.
We have access to some of Australia’s leading insurance brokers who specialise in insurance for tradesmen. They can assist you with quotes and more information on the CGU Trade Pack as well as other similar packages.
To obtain a quote on your cover please go to our online quote form and follow the prompts. If you would like more information without completing the form, simply call our office on 1300 542 245 to speak with one of our friendly team members.