Tradies guide to Business Insurance packages
As a busy trade small business owner you very well may already have enough to worry about when it comes to successfully running your business day in and day out. You may feel that you have a million and one things on your plate all the time, when the reality is that you are only capable of doing so much in your every working day.
Given all of that, you don’t want to also be losing sleep due to constantly contemplating how you can reduce the risks to growing your trade business. So, with that mind, let’s look at the specific types of business insurance that can help reduce the ongoing risks for your trade business in New Zealand.
Public Liability Insurance
Public Liability insurance is one the most popular types of trade insurance for tradespeople. Public Liability insurance protects you and your business in the event of negligence or a breach of duty resulting in property damage or personal injury to third parties.
While not all trade roles mandate that the business owner has to hold Public Liability insurance, this type of tradie insurance offers a great way for tradies to reduce their exposure to risks on the job.
Public Liability cover can typically be purchased across four levels of cover: $1 million, $2 million, $5 million, or $10 million. Public Liability cover can generally be custom-built to fit the specific risk profile for the industry you work in, and the amount of cover required can vary from one business to another. And it’s worth noting that Public Liability insurance doesn’t provide cover for an employee getting injured on the job (see Employers Liability Insurance)
Business Insurance
Business Insurance, often referred to as a ‘Business Insurance Pack’, provides trade business owners with financial protection for their business. It typically includes Public Liability insurance, and may also include other types of business insurance such as Business Interruption, Tool and Portable Equipment, and Property (Contents).
These types of tradie insurance provide cover for your business’ contents and premises against theft or loss. They also cover financial losses resulting from an insured interruption to your business. The type of business you own and operate, coupled with your specific risk profile, will determine the types of business insurance you require and the amount of coverage you may select for your business.
Tool and Portable Equipment Insurance
As a well-equipped and busy trade professional, your toolbox (or toolboxes) are surely filled with the very many (and costly) tools of your trade that enable you to get the job done, whatever the job.
As such, Tool and Portable Equipment insurance could well be one of the more beneficial types of trade insurance. Whether you are a sparky, a plumber, a landscaper, a handyman, or any other type of tradie, your tools are essential for enabling you to do what you do best.
If you took a moment to add up the cost of all of the contents of your toolbox, you may well be surprised by just how much real-world value you have with all those essential tools you have acquired over your years as a tradesperson. If something were to happen them, what would you do? Would you be able to afford to quickly replace them all so you can continue doing the work you love and earning an income?
Does the thought of losing or having your valuable tools stolen concern you? If so, then investing tradie insurance such as Tool and Portable Equipment Insurance may offer you some much-needed peace of mind. Tool and Portable Equipment Insurance offers you some peace of mind and reassurance that if you tools are stolen or damaged you won’t be left tool-less for an extended period and your income won’t be impacted for as long as it may have otherwise.
Reduce your tradie risk with trade insurance
Whether you’re a sole trader or a jack-of-all-trades trade professional, you know how much effort goes into a day’s work for a tradie. Being a tradie no two days on the job are the same, and when a spanner gets thrown into the works, that’s where tradie insurance can help.
You may run a one-man band or have a group of tradespeople helping you get the job the done daily. At BizCover NZ we can tailor your trade insurance to suit the specific risks and needs of your tradie business, no matter how big or small.
BizCover helps tradie small business owners throughout New Zealand to reduce the risks to their business via tradie insurance*, including Public Liability insurance. Visit bizcover.co.nz and get trade insurance for your trade business without drama and get on with your day. If you’d like chat you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited. BizCover Limited is owned by BizCover Pty Ltd (ABN 68 127 707 975).
