Does my policy cover my sub-contractors

risk_mitigation

Does my policy cover my sub-contractors

Insurance is designed to protect the insured against loss, with business insurance that protection needs to extend to wherever your business operates.

One part of business insurance is Public liability, this cover will protect your business against third party property damage or personal injury claims.

What if you business uses subbies? will your policy cover their activities on your behalf or injury to them?

When placing your insurance the insurer will ask do you use sub-contractors and if so how much of your turnover is generated by those sub-contractors. They will also want to know if they have their own insurance in place.  Some insurers will offer coverage to your subbies but this may reflect in an increase premium or higher excess.

What if one of my sub-contractors get’s injured? Most policies will exclude injuries to your sub-contractors and employees, your should investigate your workers compensation requirements for each state and also consider a risk mitigation strategy to further protect your business.

Risk mitigation

A good risk mitigation strategy for your business would be to insure that they have their own public liability policy and also have their own income protection insurance. This way if your sub-contractor damages your clients property you insurer can claim against their insurer and with income protection in place it reduces the risk of a loss from an injury to them.

If the activities of your sub-contractor does result in a claim, you should still speak with your broker and insurer  to keep them informed and to see where the likely liability will lie.

Still unsure, speak to a specialist, get them to review your potential risks and possible mitigation.

Steve Sloan
steve-sloan-insure247

Steve is a licensed insurance broker and marketer. He is an internet insurance pioneer in Australia.

 

Insurance for Aussie Tradies

Insure Tradies Team

Carpenter Insurance

Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.

insuretradies.com.au operated by Insure 247 Pty Ltd ACN 612944215 is an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433. If you a make purchase from insuretradies Referal Partners Insure247 Pty Ltd will be paid a fee the amount of which will vary according to the term of service

perated by Insure 247 Pty Ltd ACN 612944215 is an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433.

Tradies Insurance

Make sure you have the right cover for your trade

Tradies Insurance

A 5 point check for your tradies insurance

Every trade have risks specific to that trade. As a Tradie it is important to understand and reduce those risks, this may be as easy as putting up warning signs and insuring that you have the correct insurance cover. This is especially relative when it comes to your public liability insurance.

But before placing that cover you must look to see if there are occupation exclusions and endorsements that may exclude your potential claims, for instance most lawn mowing & gardening policies will exclude tree lopping, for some concreter’s some insurers will exclude work on council footpath,  and window cleaning may have a height limit.

Some policy will extend cover to your sub-contractors, with others they will increase the excess with claims involving your sub-contractors others will specifically exclude your sub-contractors.

Some insurers will target occupations with reduced premiums and extra trade related included inclusions, like a motor trade extension for mechanics .

Some insurers base 50% of their insurance premium on the claims history of the occupation covered.  So that could mean that the more expensive premium doesn’t mean a better level of cover.

Insurers are changing the way they accept claims with many now offering Online lodgements, others simply require an email with the details of the claim

  1. Check trade related exclusions

  2. Check you sub-contractors inclusion/exclusions

  3. Compare insurers cover

  4. Check you current premium

  5. Know how to claim

 

If you are still unsure, speak to a specialist, get them to review your potential risks and possible mitigation.

Steve Sloan
steve-sloan-insure247

Steve is a licensed insurance broker and marketer. He is an internet insurance pioneer in Australia.

Insurance for Aussie Tradies

Insure Tradies Team

Carpenter Insurance

Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.

insuretradies.com.au operated by Insure 247 Pty Ltd ACN 612944215 is an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433. If you a make purchase from insuretradies Referal Partners Insure247 Pty Ltd will be paid a fee the amount of which will vary according to the term of service