Insurance For: Tradies

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Why do Tradies need to consider it?

When you operate your own tradie business, no two days are ever the same. There’s so many fields you can specialise in, always a lot of work and you get to be your own boss, happy days!

Regardless if you are a sparkie or a plumber, when you work as a tradie there are always risks which can throw a spanner in the works. That’s where insurance can help, providing protection for your finances and a trusted reputation you’ve worked hard for.

The unfortunate reality for many small businesses owners and sole traders is the misunderstanding that just because you are small business, insurance isn’t a priority. Not having the right types of insurance coverage in place can have a damaging impact on your tradie business, with many businesses not able to pick up the tools again after suffering a major loss.

Business insurance is designed to cover many different areas of your business from Public Liability insurance* to protect you when you’re out and about working on site, to protecting your tools of trade with Portable Equipment cover*.

These are some of the main types of business insurances that you need to keep in mind when protecting your tradie business.

Did you know?

You can insure your tools anywhere in New Zealand with Portable Equipment cover.

Insurance For Tradies

Public Liability insurance*

One of the basic types of business insurance for tradies to look into is Public Liability insurance.

Public Liability Insurance, gives you peace of mind, protecting you and your business against claims by third parties i for property damage, and personal injury or death (in circumstances that are not covered by the Accident Compensation Commission (ACC)) allegedly due to your negligent business activities. It also covers legal defence costs you incur as a result of defending a covered claim.

Unexpected incidents can happen, even when you take all the care in the world to create a safe and secure working space. Something as simple as someone tripping over a piece of your equipment on site or you accidentally causing damage to a client’s property are real liability risks tradies face each day.

Holding some form of Public Liability insurance is a common requirement for many contractors, so it is worth getting your policy sorted well before you set foot on site.

Portable Equipment insurance*

Being a tradie means you need different kinds of tools to help work your magic and being without them could spell disaster.

On your next smoko break, take the time to go through your toolbox. You may be surprised how quickly they add up, and that’s why it pays to think about having insurance in place to protect them.

If your tools were stolen or damaged could you afford to replace them without dipping into your finances? You may also want to consider the damage that could be potentially caused to your hard-earned reputation because you can’t complete your jobs.

That’s where Portable Equipment insurance can provide protection from an unwanted claim. It covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Business Interruption Insurance*

You value your clients and their business, so the last thing you want to do is leave them in the lurch when things don’t go to plan. Sometimes incidents occur beyond your control, which may prevent you from working, a situation no tradie wants to face.

Being without an income can have a devastating impact on your business’ savings account, so it’s important to consider having a back-up plan like Business Interruption insurance.

It provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It’s designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).

Cyber Liability Insurance*Many businesses these days operate some part of their business online, even tradies. Working with plenty of clients, chances are you have some sensitive information stored on an electronic or online database. These could be details like credit card numbers, financial records and addresses.

With constant advancements in the technology world, hackers are getting craftier when it comes to cyber-attacks. Protecting things like your online booking systems and payroll programs is an investment worth considering.

Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Some examples of the types of risks Cyber Liability insurance can assist with are unintended loss or release of customer personal information, cybercrime, cyber extortion/ransomware and business interruption due to a cyber event. You also have the option to add cover for Social Engineering, Phishing or Cyber Fraud.

Getting the Right Public Liability Insurance for Tradies

With Public Liability NZ, we offer flexible insurance options that are tailored to suit your tradie business and its unique risks. With options like Public Liability insurance and Portable Equipment just to name a few, you can rest easy knowing your business has protection in place.

Getting your insurance sorted has never been easier, in a few clicks or a phone call you can receive multiple quotes from some of New Zealand’s leading insurers.

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.