If you’re a tradesperson, a Trade Insurance package can cover you for:

Public liability

Offering you protection if you directly or indirectly cause damage to property or injury to someone while working.

As you are likely to be aware, having Public Liability Insurance can be a legal requirement for some industries and some clients will require evidence of your cover, particularly if it’s a large contract you are tendering for or quoting.

With our many years of experience, we know the questions to ask to determine your needs so we can ensure your Trade Insurance policy meets your requirements.

Protection for your tools

Along with your work vehicle, as a tradesperson your tools are your most important asset.

If you had to replace them, not only would that be inconvenient, it would be an expensive exercise too.

Items such as tools of trade, laptops, mobile phone and stock or stock samples, can be covered within a General Property policy. Cover includes Fire and Perils, Theft, Flood, Accidental Damage and Transit.

Are your tools stored out in the open?

It’s important to note theft in the open air is an optional cover. Your policy will cover theft from a locked vehicle or building but not from outside such as under a veranda – even if the yard is locked.

TIP: As a tradesperson, your tools are the most valuable part of your business. We always recommend taking photos of your tools. These photos can form a register of the tools you own in the event they are stolen, go missing or get damaged, as proof of ownership.

Insurance for tools of trade can vary so we’ll talk through what your needs are, and your budget, and determine the most suitable cover.

Some things to weigh up in relation to the different policies available in the market include:

  • Are there any restrictions on theft cover such as a requirement for there to be forced entry into premises or a vehicle?
  • Is the cover new for old, or is there a depreciation component for older tools?
  • Is the cover full accidental loss or damage, or restricted?
  • Does the cover specify anything in regard to high value tools?
  • Will the policy cover your mobile phone or other electronic devices, or are they excluded?

As experienced business insurance brokers, once we discuss and understand your needs and situation, we’ll ensure you are well informed about your options and can decide what’s best for you.

 

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