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Being contractors, trades are usually the ones saddled with more than their share of liabilities on a construction site, and few are aware of the liabilities they are assuming when entering into a contract.

Whether you are a plumber, electrician, carpenter, civil contractor or another trade, we can tailor your program to fit your needs and the requirements of your contracts.

Trades most commonly require a combination of the following:

Liability

Public & Products Liability Insurance

Liability insurance usually comes in two forms, Public and Products, and is designed to protect your business against injury or damage claims arising from your negligence in your business activities.

Whilst most understand the importance of Public Liability, many are in the dark about the purpose of Products Liability and why they need it.

When a business provides goods (ie; hands over a completed home, installs an air conditioning unit etc), at the point in time that the goods leave the possession of the business, the public liability cover for that particular job ceases and the products liability commences. Products Liability protects against claims of personal injury or property damage caused by products supplied by your business.

Whilst you may have recourse through your suppliers or the manufacturer if any claim relates to a defective product, you need to consider that your client will sue you. Products liability provides you with the support to defend the claim and protect your business.

Contractual Liability

This is a significant consideration for all businesses. In most cases, Public Liability policies contain a contractual liability exclusion, however most contracts will serve to pass liability from one party to another. This is extremely common and needs to be addressed in order to avoid being uninsured when a claim occurs. Where the exclusion cannot be negotiated out of the liability policy, or the contract terms amended, a Contractual Liability policy is the best alternative. This will ensure that you have liability coverage for any additional liability you assume under contract.

Tools of Trade/ General Property

This cover provides broad coverage for loss or damage to mobile items and equipment. This can include Tools of Trade, light machinery, electronics such as phones and laptops, cameras, diagnostic and measuring equipment amongst other things. Cover is available for a wide range of events.

Motor Vehicles

This covers businesses for losses and risks associated with motor vehicle ownership and operation and can be tailored for one vehicle or a fleet, road registered or unregistered and with varying levels of cover.

Plant & Equipment

Whether you have one item or a fleet, Contractors Plant & Equipment is a must to ensure the continuity of your business following loss to or damage of your items. Unlike a motor policy, Contractors P&E provides a number of insurable sections that can be customized to fit your needs and include the following:

  • Loss or Damage
  • Road Risk
  • Liability
  • Hired In Plant
  • Financial Protection
  • Breakdown

Cover is available for a range of equipment from forklifts and bobcats through to drilling rigs and cranes. This policy is ideal for the builder with plant items used on their own job sites, or for the professional trade contractor who prefers to bundle their insurances into one.

Who Needs Tradesman Insurance?

Anyone in the ‘trade’ industry such as electricians, plumbers, tilers, etc can benefit from a Tradesman Insurance policy.  The ‘trade’ can be self-employed operators to large enterprises with many employees.

What are the majority of ‘claims’ under a Tradesman Insurance policy?

Many Trades insurance claims are related to accidental injuries and the impact of a project being completed should someone be injured on the job.

What does the Public Liability component of a Tradesman Insurance Policy Cover?

Public liability provides cover for the tradesman and his/her business for any legal costs and compensation payout should the individual be found liable for an event that they are sued by a third party.

Case Study

A builder has his ute broken into and all of his tools were unfortunately stolen. Without his tools the builder obviously cannot work.  Being a small business meant that replacing everything immediately would have caused him some financial hardship. Luckily the builder had Tool insurance which provided the financial costs of replacing these business items.

Staff Profile

Peta_Kortum

Peta Kortum

Account Manager - VIC