We’re not insurance brokers and we don’t sell insurance. Nevertheless, we’re here to tell you that if you don’t have insurance you’ve got rocks in your head. All businesses, particularly trades businesses need insurance. Here are a few of the types you should consider:
Income protection insurance
As the name suggests, this provides you with protection in the event that you get injured or sick and can’t work. It can also help you with covering the costs of keeping the business running during that period. Remember, unless you’re an employee it is unlikely that you will have any access to WorkCover benefits. Income protection insurance is about looking out for yourself.
Public liability Cover
If the work that you do involves any interaction with the public, however slight, you need public liability insurance. It only takes one idiot to walk into a hole or stick their finger in power point and your whole financial future goes down the pan.
General business insurance
This covers all the normal risks to your business assets. Having things stolen off of your truck or having your truck stolen off the back of the construction site. Unfortunately, this type of insurance is not about something that might happen someday. The fact of the matter is it definitely is going to happen at some point, it’s just a matter of time.
Traded debtors’ insurance
This type of insurance is not particularly well understood in Australia. If you’re in business where you have one or two or a small number of large customers it may be worth considering. This type of insurance can cover you if one of your customers becomes insolvent or defaults on their debts. Very often, these types of defaults can destroy the business, particularly subcontractors. Debtors’ Insurance is not for everyone, It can be expensive and time-consuming to put into place. Nevertheless, there are situations Word can be an absolute lifesaver.
Who do I talk to about this stuff?
Like I said, this is the work of insurance brokers. That’s not us, we don’t do that sort of thing. Of course we could point you in the right direction because that’s what we do. We’re in the business of looking after you.