Who should get Trades Insurance?January 1, 2020
As a tradesperson, you provide invaluable services, but the nature of your work means you are also exposed to some significant risks. Accidents on the job or unforeseen circumstances could place you in a financially crippling position. That’s why trade insurance is so important for protecting you and your business.
Choosing the right cover can be difficult but speaking to an insurance broker can help point you in the right direction. Depending on your unique circumstances, some of the insurance types you may want to consider include:
- Public Liability – this is for businesses that run in public spaces or interact with members of the public. It protects you financially if someone makes a claim of injury or damage to their property because of your business activities or negligence. Instead of shouldering the stress and heavy financial burden of legal fees or compensation sums, public liability insurance will protect you.
- Product Liability – this type of cover is much like public liability, except it protects you if any products you supply to clients cause injury or damage to their property. If a product you have supplied malfunctions or causes harm, product liability will protect you financially from any legal or compensation costs involved.
- Professional Indemnity – this is for professionals, meaning those who provide advice or skilled services, and it may apply to certain trades businesses. If a third party suffers physically, financially or otherwise due to advice you gave them or because you haven’t followed the correct professional procedures, they may make a claim against you. Even simple, honest mistakes could put you and your business in a precarious situation. Professional indemnity insurance protects you financially from legal or compensation costs that result.
- General Property – if your business activities involve the use of mobile property, such as tools or equipment that you take from one job site to the next, then this insurance is an important one for you. General property insurance protects you from any costs that arise due to damage to your property or loss of your property.
- Personal Accident – this type of insurance protects you in the unfortunate case that you get seriously injured. For most trades people, a healthy body is very important for carrying out their work, and a serious injury could prevent you from returning to work for some time. Missing your usual income, and faced with medical fees, personal accident insurance is extremely valuable in such circumstances.
Who should get trade insurance?
Whether you are a plumber, electrician, lawn mowing contractor or tree lopper, your work is highly valuable, but it also comes with many risks. To protect yourself from the financial burden of accidents or mistakes, it would be wise to have trade insurance.
As with any other trade, lawn mowing comes with its own set of risks. Use of equipment such as trimmers and lawn mowers, frequent handling of hazardous chemicals and the potential to accidentally damage someone else’s property are all part of a lawn mowing business.
That’s why having trade insurance should be a high priority for any lawn mowing contractor. If something unfortunately goes wrong with your equipment, you accidentally damage another person’s property or seriously injure yourself, trade insurance can help relieve the financial burdens that may arise.
At GSK, our association with The Lawn Mowing Contractors Association of Western Australia means we are able to offer lawn mowing contractors highly competitive insurance solutions.
If your business is involved in the maintenance of parks or gardens, you will understand that you face a range of unique hazards. Working outdoors and operating heavy machinery exposes you to risks that could lead to a financially burdensome situation. That’s why the right trade Insurance is vital to protect you and your business.
When looking for trade insurance, make sure you speak to a professional about the particular services and activities that your business is involved in. Getting the right cover that suits your unique situation is essential.
Appliance repairers are often required to do their work inside other people’s property, or transport goods from one place to another. There is a risk that another person’s property will be damaged during these processes, but also an appliance repairer’s tools could be damaged or lost during a job.
At GSK Insurance, our long-standing relationship with the Appliance Industry Association enables us to offer a trade insurance package for appliance repairers. Right from vehicle cover to workers compensation and protection for goods in transit, our trade insurance policies can give you the peace of mind you need to get on with your work.
Electricians face safety hazards daily, and no matter how careful or meticulous you might be, accidents do happen. The potential for electrocution, welding accidents or fire make it a high risk trade.
Whether you’re required legally or not to have trade insurance, it should be high on your priority list. It is the best way to protect yourself and your business from financial hardship due to injury or damage to your equipment.
Damage to another person’s property or your own tools, and becoming injured are some of the risks plumbers face in their day to day work. Whether working in someone’s home or on a commercial property, accidents can happen, so it’s important to protect yourself from the serious financial consequences that may arise.
Services such as tree lopping, pruning and stump removal come with their own unique set of risks. Serious injury, damage to another person’s property or loss of your tools could significantly impact your business financially.
Being insured correctly will help protect you and your business if something goes wrong. At GSK, we are endorsed by the Tree Guild of Western Australia, and provide some of the most competitive trade insurance solutions for tree surgeons.
Need advice about trade insurance?
If you are a tradesperson and need advice about insurance solutions for your unique situation, we would love to help. At GSK Insurance, we provide insurance options to tradespeople throughout Western Australia, so that they can have the peace of mind that they’re protected.
Get in touch with us today on 08 9478 1933 or fill out our contact form, and we will get back to you.
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