If it’s worth protecting, it’s worth insuring, and your trade business is worth protecting! But unfortunately around 1 in 12 small Australian businesses* don’t have adequate insurance to protect them financially in the event of a claim.
So how do you know what to insure and how much to insure it for? How do you work out an appropriate excess? Who’s to say you’re if you’re underinsured or not?
Insurance may seem to be all about numbers but, at its heart, insurance is a human to human service. A superb insurance broker will take a personal approach with you to ensure you have the right cover to give you peace of mind.
Considerations for sufficient insurance
As the preferred insurance broker for more than 16 years to thousands of Australian businesses, we’ve seen it all and know firsthand how important it is to never say never.
In business the nature; stage; location; size; and type and likelihood of risk associated with your business will all play a role in your insurance needs.
Businesses that actively engage in risk management and mitigation processes including properly planning their insurances can make calculated, qualified decisions, and can even benefit from lower premiums. Speaking to an insurance broker about possible risks will help you stay up to date with emerging issues relevant to your trade.
Common insurances for trade businesses
This is by no means an exhaustive list, but here are some examples of some of the most important insurances to have when working on the tools. How does insurance stack up against this list?
Damage or injury to other people
Public Liability Insurance for third party personal injury or property damage is a must have in any trade business, but make sure it’s tailored to your specific needs. There’s nothing worse than realising you weren’t covered adequately when you go to put a claim in. It only takes a second for your client to trip over a power tool on the ground or one of your workers to put a beam through a window for you to start handling all the paperwork and finances that come with it.
Accidents and sickness
Taking out accident and sickness insurance is one of the most valuable policies you can have in your toolbelt, especially for sub-contractors who may miss out on workers compensation schemes in your state.
Did you know that in 2019-2020, it was reported that 50,814 labourers, technicians and trades workers made serious injury claims? The majority of injuries related to over stressing the body, tripping or slipping, being hit by an object or mental health**.
Damaged or stolen tools
Having adequate tool insurance can mean the difference between getting on with the job, or going out of business. Have a think about how long it’s taken for you to accumulate your tools. And not only the direct dollar value they represent, but the ongoing value to your business that they offer. This is not an area to scrimp on when you’ve already invested so much.
Commercial vehicle insurance helps make sure you can cover repair costs and get you back on the road sooner. Whether you have one ute, van or small truck that gets you around, or a whole fleet of cars on the road, it only takes one glance away from yourself, your workers, or another driver to have your transportation to and from job sites out of action for days or weeks.
Get on with the job with confidence
With almost two decades in the insurance industry under our belt, we know the importance for you to choose a cover you can trust, especially when you are feeling unsure of what’s really important for your needs.
At ii-A, we simplify the process for obtaining insurance and making claims. We aren’t an insurer, so we have no commercial interest in swaying you one way or another. As insurance brokers who work for you, our client, we take the time to truly understand your business and seek to find the policies that suit your unique needs.
Our insurance brokers seek the right insurance solution for you as well as offer personalised support and value all the way from policy selection to claims and renewals.
*Insurance Council of Australia Report, Nov 2021 ** Safe Work Australia – Key Work health and safety statistics, Australia 2021