As a tradie, you are probably aware of the shortage of skilled trade workers in Australia. Trade enrolments are down as parents push for their kids to enter universities, believing this will give them better, or more, employment options. As you may know, the reality is that swapping stethoscopes and gavels for a bender set and levels might not be a bad idea.
It’s no secret that tradies in Victoria are in high-demand. Last year, sparkies were the most hired trade, followed by plumbers, handymen and painters. Garden maintenance services and fencing specialists are also sought-after, as well as concreting and pest control contractors. The inner suburbs are a hive of home improvement activity. Electricians, plumbers, builders and associated trades are being kept busy.
A survey across Australia in 2017 demonstrated that tradies have the most enviable skills in the country. Increasing property prices and renovations place these associated trades on the most-wanted list. While some attempt DIY jobs, without the required experience and skills it usually results in calling in the professionals to fix it. The truth is, most people prefer to tip their hats to electricians, plumbers, painters, tilers and landscapers who are able to do the jobs they wish they could.
So well-done, tradies, for choosing your trade wisely and keeping the state of Victoria looking good, functional and clean. But without the luxury of being looked-after by a big corporate company, how do you protect your income and ensure that your future and family is safe and secure?
Tradies Insurance
Victorian tradies know that the cost of labour, tools, work vehicles, insurance and superannuation has to be factored in to their income. As a tradie, you are not likely to have a dedicated company finance department working this out for you and paying for your annual leave or allowing for sick leave. If your tools are stolen, or if you are injured and unable to work while you recover, this could represent a loss of income. You are also at risk of claims made against you for damage to property you cause or bodily injury including the costs to defend yourself in court.
- Public and Products Liability
A standard public and products liability insurance cover is not always ideal for your trade. There are common exclusions that make no sense for your particular work. That is why it is important for you to understand your insurance cover and preferably seek one that is unique to your trade. This will protect your business based on an understanding of the risks you face and the state in which you operate.
- Tools Insurance
Whether it’s accidental loss and damage, or the result of forcible entry and theft, without your tools, you can’t work. You need an affordable insurance policy that will allow you to get back to work immediately.
- Injury and Illness Insurance
This basic coverage needs to protect you even if you are in recovery for a long period of time, and you certainly can’t afford a long waiting period for the benefits to kick in. You know that time is money and when you are operating in a trade environment, you often rely on your physical fitness as well as your tools of trade to keep you going.
- Tax Audit Insurance
The ATO tends to target self-employed tradies for tax audits. Secure a policy that also provides an option to cover your tax audit expenses in the event that you are audited by government agencies.
- Business or Factory Insurance
If you own or lease a small factory or warehouse, organise cover for your building, stock and contents. Whether it’s accidental or malicious damage, you need peace of mind that any loss won’t result in the closure of your business.
- Construction Insurance
Cover for contract works, material damage and other unique building risks require a tailored insurance product designed specifically for your industry, and most especially the risks faced by tradies within it.
- Commercial Motor Insurance
No matter what your trade, driving back and forth to jobs places your vehicle at the centre of your ability to work. If you’re in the motor trade, the policy becomes even more important for getting behind the wheel of customers cars too. Seek an insurance broker with the experience to organise the right policy for your needs.
- Plant and Machinery Insurance
As a tradie, you may own skid steers, bobcats, excavators or forklifts. Seek an insurance company that offers a range of policies to cover these types of items.
- Management Liability Insurance
All tradies should consider a management liability policy. As your own boss, you need to be protected against claims arising from negligence in the performance of your duties.
- Goods in Transit Insurance
If your trade requires the import of stock or materials, local transits or export to clients, consider a policy that will protect these goods in storage or transit.
- Income Protection Insurance
Sometimes, you will need more than a basic cancelable Injury and Illness policy, but rather advice on putting together a policy specific to your individual requirements. There are a range of personal risk insurances, including income protection and life insurance we can assist with through our association with Atlantic Financial Services.
Atlantic Insurance is a 100% Australian owned, private company specialising in tradie insurance. We offer competitive and comprehensive covers. Call us on (03) 9836 3733 to speak to someone who understands your trade. Our client managers attend to each tradie, so you aren’t passed on to an anonymous call centre. Our quotes are quick and paperwork free.
