Uncertain times can force us to consider the future, specifically how our own future may unfold.
If you’ve been thinking about what challenges tomorrow may bring for your business or trade, rest assured that you absolutely aren’t alone in these concerns at the moment.
During times of stress, we look to get as much support as we can in both our personal and professional lives, which could mean securing a safety net around our professional liability for the sake of some much-needed peace of mind. For many tradies, this means tradie insurance.
Choose the right cover
Getting the right cover for the right things without getting ripped off is a genuine worry that many tradespeople have before signing a policy. This is why we’ve put together a list of four criteria to help you choose the right cover* for your professional livelihood.
When first engaging with insurance companies, here’s what you should be looking to protect:
Injury and illness cover is perhaps the most common form of tradie insurance. Just like it says on the tin, it covers injury and illness that could keep you from working your usual hours and supports you financially throughout your recovery.
If you’re fit and healthy, some insurance companies offer a special (and usually more affordable) ‘injury only’ cover, which can be great for those just starting off in a trade. Be aware that not all injury and illness insurance options cover you outside of regular working hours.
This can include situations such as:
- Providing emergency repairs or services
- Out of hours house-calls to regular clients
- Helping family members or friends under your business name but while not actively trading
Make sure to ask your chosen provider about situations such as these before you sign a policy.
Overall, what makes injury and illness cover such a great form of tradie insurance is that it usually only requires a short waiting period of two weeks to a month before you become eligible to receive entitlements.
Just make sure to shop around, as most insurance providers who specialise in working with tradies will be competing strongly on this type of cover, which can help you get more value for a lower cost.
2. Your tools
Tool insurance is a type of cover that not a huge number of tradies outside of heavy industries think they need. After all, if you keep your tools and stock locked away and out of sight, why would you need this type of insurance?
Most modern tool insurance policies now cover losses in addition to theft, such as:
- Natural disasters
- Unintended damage by third parties
- Unforeseen circumstances (what exactly this means can vary so quiz your provider thoroughly)
Note: Many digital tools such as phones, laptops, GPS units and cameras are also regularly covered by tool insurance.
When looking for tool insurance, make sure that your chosen provider understands your trade fully and that the policy you end up with covers every part of your daily work.