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There’s more to tradies insurance than just public liability.
Whilst public liability is the most commonly form of insurance for tradies, there are a number of other covers which can be just as important.
In this guide we’ll run through the main forms of cover that a tradie should know about.
Income protection
Income protection comes in a close second place to public liability when it comes to the common forms of tradies insurance.
This type of insurance can protect up to 75% of your income if you are unable to earn a living due to injury or illness.
The policy will continue paying you a monthly benefit until you are able to return to work or until the benefit period expires, whichever comes sooner.
Whilst income protection insurance is popular with all tradespeople, it is especially important for subcontractors and the self-employed.
The reason for this is that subbies and self-employed tradies generally do not have access to worker’s compensation or sick leave which could provide some level of protection.
Even if you’re a tradie on wages and are entitled to sick leave, this won’t be of much help if you are unable to work for a number of months or even years.
Please visit our dedicated income protection guide for more information.
Tool insurance
Depending on your trade, you probably won’t be able to get much done or earn yourself a living if you don’t have access to your tools.
Over the years a tradie will build up a large collection of tools, and having to replace them all at once could cost many thousands of dollars.
Protecting your tools against risks such as theft, fire or damage caused in a vehicle collision makes a lot of financial sense and can reduce hardship if something was to happen to your tools.
Portable tools are typically insured under a general property insurance policy, whilst larger plant and machinery may need to be insured separately.
TPD insurance
TPD stands for total and permanent disability, and that is exactly what the policy is designed to cover.
If you suffer an injury or illness that leaves you unable or unlikely to work ever again, your TPD policy will pay you out your full sum insured in the form of a lump sum.
TPD is particularly important for tradies due to the manual nature of their work and the ever-present danger of serious injuries on worksites.
Some people question why a tradie (or any other worker for that matter) would need both income protection and TPD insurance.
The difference is that income protection is designed to cover your ongoing cashflow needs, whilst TPD provides the upfront funds to help cover the major expenses.
Public liability
Last but not least we have public liability insurance.
We have a page dedicated to public liability for tradies, so follow the link for more information.
Others types of cover
There are many other forms of insurance which can be beneficial for tradespeople.
Life and trauma insurance are big ones, and tend to be more popular with tradies who have families to support and mortgages to pay.
If you are taking on your own building projects you may also require contract works insurance.
Although we do not have any information on our website about these other types of insurance, we can certainly still assist you with them.
The best option is to call our office on 1300 542 245 and let us know what you’re interested in, then we can put you through to the right person to assist.