Check Your Sub Contractors Insurance

Sub Contractors Insurance

If you use sub contractors a way to reduce your risk is to check they have their insurance cover, here is 5 things to check

  1. Do they have their own public liability insurance and is it current?
  2. Do they have their own income protection insurance or workers compensation cover ?
  3. What is your excess in the event of an insurance claim that involves a subbie?
  4. Does your insurer pay if a subbie is injured while working for you?
  5. Is your subbie qualified and licensed to do the work you need them for?

Still not sure talk to the team 1300 046787

 

Click here to arrange insurance quotes for your business

 

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

5 Things Carpenters Should Consider When Buying Insurance

Carpenters insurance

Carpenters have some specific insurance needs based on the risk associated with the construction industry, the following checklist will help you understand the risks.

1) Product Liability Product Recall

The use of lower-quality materials,  not following specifications or building codes and Defective work may result in substantial bodily injury or property damage claims. Make sure your policy has you covered.

2) Fire and Perils General Property

The materials used like wood, sawdust, chips, shavings, adhesives, paint, lacquers, solvents and stains etc, increases the fire load and fire risk exposure in the premises and at the contract site.  Tools are often stored on utes or left onsite overnight, are they covered? 

3) WorkCover or Workers’ Compensation

If you have employees you need to check the local workers compensation requirements for your state. In some states if you are self employed or a working director you may not qualify for workers compensation, you have to consider if you get sick or injured and can’t work for a period of time how would it  impact your financial situation, if you don’t qualify for cover maybe look at Income Protection Insurance.

4) Machinery Breakdown

Could you continue to work if your machinery was damaged, destroyed or broke down? Get our team to look at cover to get back on the job a quick as possible.

5) Public Liability

Onsite your exposure to the public may be limited, however work away from premises is a major risk. Third parties may be injured by work activities, machinery or falling materials.

Still not sure talk to the team 1300 046787

 

Click here to arrange insurance quotes for your business

 

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

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.