As a tradie, you’re exposed to a variety of risks every day. Understanding these potential risks is crucial to ensure you have the right level of insurance coverage. One of the most essential types of insurance for tradies is Public Liability insurance, which can help manage business risks effectively.
Why Public Liability Insurance is Essential
From potential injuries to property damage affecting third parties, there’s a number of risks that can come with being a tradie. Public Liability insurance is designed to cover your business and employees against claims made by the public in cases of injury, death, or property damage.
Imagine you’re a carpenter working on a home renovation, for example. While you’re working, you trip and accidentally damage a painting in the hallway. Public Liability insurance can provide the necessary coverage in such scenarios.
Finding the Right Amount of Coverage
The amount of Public Liability insurance required depends on various factors, including the size of your business. It’s important to assess whether your current coverage limits are suitable for your specific needs and provide adequate protection.
If your policy has a limit below $10 million, it may be a good time to review your coverage and consider increasing it to ensure you have the right level of protection for your business.
The Importance of Having the Right Insurance
In the hustle and bustle of managing a business and daily life, it’s easy to overlook the importance of insurance, or view it as an unnecessary expense. However, having the right insurance in place provides security, allowing you to focus on your work with the confidence of knowing you have a safety net to support you and your business.
What Public Liability Insurance Does Not Cover
It’s important to understand that coverage and policies can vary. Public Liability insurance typically does not cover breaches of professional duty or cyber. For businesses that offer professional advice, this is usually covered under a Professional Indemnity Policy, and cyber is becoming more important to businesses, given the significant rise in cyber attacks in recent years.
For more information on Professional Indemnity insurance or cyber, check out some of our previous articles:
- What are the 4 Types of Insurance that all Small Businesses Should Consider?
- The Expanding Cyber Threat in Construction – The Importance of Cyber Risk Insurance.
By understanding and securing appropriate Public Liability insurance, tradies can protect themselves and their business against unforeseen risks, which is a vital step in helping their business continue to thrive. Get your individual needs evaluated with the help of a trusted broker today so you can choose the right cover and safeguard your future.
Would you like to talk to a broker? Call 13 imar or 1300 540 156 today.
