Is Your Toolbox Complete? Insurance for Tradies in Australia

Every day you walk onto a worksite and work with a large array of tools – all of which are essential to getting the job done. Yet you might be missing one vital tool in your trades tool kit – tradies insurance! I know what you’re thinking, “do I really need that?” With a range of challenges unique to your industry, it’s important to consistently check if your toolbox is complete with tradie insurance  that can cover you while on the job in Australia.

We’ve listed out the types of insurance covers that are relevant to tradies and their businesses.

Public Liability: Public liability insurance is considered a must have for tradies, providing cover in the event of personal injury or damage to a third party or their property. If a claim was made against an owner or a company, they could be liable to pay for damages and any legal costs incurred. Also if they are a sole-trader, they may be legally and financially responsible for all aspects of the business, putting personal assets at stake.

Errors and Omissions: Did you know product or installation advice given as a tradie could create financial risk? If the advice given to customers results in loss or damage, this form of liability insurance provides cover to manage legal expenses and monetary damages, helping trades companies or contractors avoid a significant financial hit.

Tools & Equipment Insurance: If tools, equipment or resources were suddenly lost or damaged from events such as natural disasters or theft, this may prevent a tradie from carrying out the work they intended to complete, leaving them out of pocket as they will need to replace the items, which minimises potential income.

Employment Practices Liability: In 2018, the Australian Fair Work Commission reported that a total of 13,595 unfair dismissal applications were lodged. For owners of trades companies, it is important to understand that employees and former employees may have the ability to sue for a raft of alleged acts such as claims of unfair dismissal, underpayment, discrimination, bullying and harassment. Employment practices liability insurance for tradies provides cover for claims relating to such allegations.

Personal Accident: Personal accident insurance can help cover tradies with compensation if they suffer a serious injury or death as the result of an accident.  It can cover against loss of income and dependent on the insurance arranged, can provide financial support for bills and other expenses.

At Marsh, we have arranged insurance for thousands of tradies across the country and have come to understand the unique requirements of the industry.

To learn more about the insurance solutions arranged by Marsh, head website at at trades.marshadvantage.com.au or contact our expert Trades team at 1300 300 511.

¹Fair Work Commission (2018) https://www.fwc.gov.au/annual-report-2017-18/2-performance/unfair-dismissals

Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369)(Marsh) arrange insurance and are not an insurer. When arranging Public Liability Insurance, Marsh act under binding authority on behalf of Pacific Underwriting Corporation Pty Ltd (ABN 77 091 225 535, AFSL 237 270), who act as agent of the insurer, Chubb Insurance Australia Limited (ABN 23 001 642 020 , AFSL 239 687). This article contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire the product, refer to the specific policy wordings available from Marsh. The Master Plumbers and Mechanical Services Association of Australia receives a financial benefit when an insurance policy is arranged by Marsh.