Insurance has a reputation of hassle and stress for tradies and business owners. It is likely a begrudging buy, can often be confusing, and may seem like an unnecessary use of your already limited time. So, here is a quick, hassle free guide to the three most common types of tradie insurance, and how much they are likely to cost. As always, we recommend calling our friendly team of brokers for an easy, worry free insurance experience.
At imar, we recommend tradies consider the following three policies to adequately protect themselves and those who may rely on their income.
It is no coincidence these policies are also the most common amongst tradies in Australia, as they are the most beneficial, and provide the most protection for you and your business. So, what exactly are these policies, and how much do they cost?
Public Liability Insurance
Public liability insurance protects a business against claims lodged against you by a third party. It includes cover for third party personal injury, property damage and legal expenses in defending a claim. A third party could include the general public, your customers, your suppliers and contractors.
The cost of a public liability insurance policy can vary depending on a number of factors, including the type of trade you are employed in, as well as the size of your business both in terms of staffing and revenue. It can also vary depending on your location, as different states have different requirements. It also depends on the level of cover you take out, whether $5 million, $10 million or $20 million. Naturally, higher coverage will incur a higher premium.
As an indicative price, public liability insurance could cost as little as $40 per month for a sole trader carpenter or $50 for some sole trader sparkies, handymen and painters. To be 100% sure, chat to one of our experienced imar tradie brokers to get a detailed quote for free.
Tool insurance protects your tools or stock if they are stolen or damaged. If your tools are stolen from a locked vehicle or premises, they are protected. If your tools are damaged by fire, vandalism and the collision or overturning of your vehicle, they are protected. imar tool insurance covers power tools, tools of trade, stock and customer’s property which are used by you in the normal course or scope of your business.
There are less variables on price regarding tool insurance. It depends primarily on how much you want to insure, but can also differ again between locations and states. Annual premiums can start from as little as $341, and coverage can extends to tools worth upwards of thousands. To be 100% sure, chat to one of our experienced imar tradie brokers to get a detailed quote for free.
Personal Accident and Sickness
In the trade, this types of cover can have many different names. For the sake of clarity, imar’s personal accident policy is called “personal injury and illness”. Personal injury and illness insurance protects you financially if you are injured at work or during leisure time, meaning you are unable to work as a result. You can also include illness cover, with an additional premium, for the same reason.
It’s important to note that the imar personal injury & illness cover is temporary, and is not income protection. Income protection cover has options for a longer benefit period and covers more insurable events.
Personal injury & illness covers both smaller and more serious injuries. It also provides a partner benefit in the case of death, funeral funds and modification funds in case you have to modify your house or vehicle or relocate to a suitable home.
As for the cost, personal injury & illness cover is, as the name suggests, personal. Age, occupation and your state will all influence the cost. To be 100% sure, chat to one of our experienced imar tradie brokers to get a detailed quote for free.
Your time is precious, so we make it as easy as possible for you in 3 easy ways:
- Call 1300 540 156 and press 1 to speak to our dedicated tradie broker team
- Fill out our online Contact Our Experts form
Go online and fill out the Quote form
You should consider if the insurance is suitable for you and read the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and policy wording before making a decision to acquire insurance. Please ask us for more details before we provide you with our services. Our FSG is available on our website.