A carpenter without tools is an office worker, a mechanic with tools is pushing it, a plumber without tools is up shit creek.
Most tradies cover their public liability insurance risk, a lot organise cover for their income in the event of injury, but too many overlook their tools. Sure, you can replace most for a few hundred dollars, but what if all of them were stolen or lost? What would you do if there was a fire on the site where you left your tools?
Is it worth insuring them or is the premium likely to be too high?
What is General Property Cover
Insurers offer Tools of Trade Insurance or what’s sometimes known as General Property Cover, for these events.
General Property cover is available for an extensive range of equipment including;
Tools of Trade
Light Machinery
Survey Equipment
Mobile Electronic
Mobile Medical Equipment
Photographic Equipment
Diagnostic and Measuring Equipment
Musical Instruments
Sports Equipment
General Property Cover is normally available for items you can carry or move away from your premise and items that are considered essential for your trade.
But it’s important to check that your policy will cover your risk, does it;
Cover for full theft in the open air?
Does it cover the full replacement value of your tools?
Accidental loss?
Accidental damage?
Loss in transit?
Overseas cover if you’re working away?
Does it have a suitable excess?
And at renewal does it include recent purchase and match the new values?
Let’s look at those risk in a little more detail
Cover for full theft in the open air* is if it’s stolen anywhere, this might mean on a worksite, off your trailer or at your home at night. Insurers will offer restricted versions of this cover, that may only cover them if you take them to your home or a lock premise at night.
Loss in transit is where it’s carried by a third party or may include theft from your ute on the way to or at a job or worksite.
Most general property policies will start with a $100 excess, but the higher the excess generally the lower the premium.
Insurers may offer general property cover as inclusion in a public liability policy, but often they won’t cover the full amount of you tools and maybe restricted to items where you can produce recent receipts.
Before buying a General Property Policy
Get multiple quotes – compare the market
Make a list and estimate the replacement value
Keep receipts in an electronic version for referring back to when necessary
Check the insurers’ exclusions to ensure your risks are covered
Consider the appropriate excess for your situation
Check the insurers claims rating
If you’re unsure, speak to a broker, who can more carefully consider your risk
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
Whether it’s a death, total and permanent disability, income protection, personal injury claim, worker to worker injury claim or third-party property claim, height is still a Tradies biggest threat.
Safety regulators Australia wide have warned and educated but tradies and workers are still being injured or killed and property is being damaged.
Not just in the construction
It’s not just in the construction industry, its cleaners, electrical workers, plumbing, gas fitting, glazing, tree felling, solar and insulation installation, pest control, handyman work, heating and cooling work and it most often on or in the roof.
Many claims are the result of working on roofs without effective control measure.
Before climbing
Before climbing on a roof;
Look at the age of the structure
Consider the condition of the structure
What type of material is it (Asbestos, fibro etc.)?
Where are the important services (power etc.)?
Consider environmental factors on the day (wind rain and electrical storms)
Angle and pitch of the roof.
The presence of moss, contamination and other external factors
Consider Ladder Safety procedures
Does it require perimeter guards or edge protection or harness protection?
Complacency at Heights
Complacency is another threat to personnel working at heights, when workers are used to working at heights they often forget the basic, this can result in dropping of tools resulting in property damage or injury. When working at heights, it doesn’t hurt to ask “what if”
Get Appropriate Insurance Cover
Protect you and your workers income
Cover yourself as the self employed tradie with income protection insurance, cover your workers with your States appropriate workers compensation policy and insist that sub-contractors and workers have their income protection insurance.
Protect Property
Make sure you have public liability insurance cover, and that it does not exclude working at heights, and check the asbestos exclusions if the roof contains it.
Make sure your sub-contractors have their own cover and check with your broker to make sure that if they cause injury or property damage that your exposure will be covered.
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
Wilhelm Harnisch CEO of Master Builders Australia says tradies and builders in the $200 billion building industry are winners from the 2016 Federal Budget. He also says it will have a positive effect on housing affordability.
“The 2016-17 Budget is a win for tradies and Australia’s $200 billion building and construction industry,” Wilhelm Harnisch CEO of Master Builders Australia said.
“This Budget should act to underpin a boost in building industry confidence, through targeted growth measures and a credible budget repair strategy to take Australia into the next decade,” Wilhelm Harnisch said.
“It provides the settings that will enhance the capacity to strengthen the nation’s economic stability, future growth path and greater investment; fundamental requirements for a strong building industry,” he said.
“The various Budget measures will allow the building industry to play a positive role in the rebalancing of the economy,” Wilhelm Harnisch said.
Source: MBA.ORG
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
Public Liability Insurance quotes for Carpenter from $525 pa $5 Million Cover. $5 million, $10 million and $20 million dollars cover options. Australia wide coverage.
Once completed the team will match you up with a range of leading Australian Insurers
Public Liability Insurance quotes for Painters
Insurers used by Insure Tradies include
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As part of the Steadfast network, we are part of the biggest network of insurance brokers in Australia and New Zealand and have partnerships with over 150 insurance providers locally and internationally. Which means we can find what’s right for you: from general business insurance cover to the most niche products.
* Instalment options for your tradies insurance, will be offered by a third party finance company
± Price will depend on cover required, your occupation, experience, postcode and turnover
Δ Not all insurers will offer quotes for all occupations
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
