Navigating the challenges of trade-based services, whether as a seasoned business owner or a newcomer, demands a lot from business owners.
Being properly insured can bring real peace of mind to you, your clients and your employees.
Here are invaluable insights for tradespeople managing their business, equipment fleet, or team in 2024.
- Public Liability
For some tradies, public liability insurance is mandatory, and most building contracts above a certain value require this cover.
Compulsory or not, it always makes absolute sense.
Accidental injury or property damage can lead to significant financial liabilities encompassing medical expenses, repairs, and legal fees. Moreover, being uninsured might hinder securing future work, as clients seek assurance against potential mishaps.
- Cover for your tools
If tools are stolen from a worksite, a storage shed or out of your vehicle, it can cause major disruptions to productivity.
Opting for suitable tool insurance can help you replace them quickly and get on with the job.
- Vehicle insurance
Your ute, truck or earthmoving machinery is another business essential. You might be tempted to save a few dollars by not mentioning to your insurer that you use the vehicle for work, but you run the risk of having a claim rejected if it relates to your job.
Some policies include accessories and modifications such as your signage, racks and tow bar when they’re assessing the vehicle’s replacement value.
They may also have more flexibility in terms of the number of drivers covered – this is important if your team shares the driving.
- Loss of income
Working in high-risk jobs and on worksites can be hazardous, exposing tradies to dangers such as incomplete electrics, working at height, noise and manual handling.
Protecting yourself from unplanned sickness is also a big one. When you work for yourself and don’t have sick leave, you have the extra worry of no income.
Personal Accident and Illness Insurance can help bring the security of an income if injury or illness stops you from working for an extended period.
How to Reduce your Risks
It would be nice to avoid accidents altogether, however we know running a trade-based business is a high-risk activity.
The Australian Bureau of Statistics’ report for the 2021/22 financial year highlights some of the most important ways to stay safe.
- Handle with care
Lifting, pushing, pulling or bending accounted for almost a quarter (24%) of the accidents reported. Safe lifting techniques and using mechanical aids wherever possible can help to reduce the strain.
- Keep tidy
Slipping and tripping accounted for 17% of injuries. Keeping your workplace free from trailing wires, cables, hoses and spills could help make them safer.
- Keep a look out
A lot is going on at a worksite and it’s important to stay aware of your surroundings. At 16% bumping into or being hit or cut by an object or vehicle was the third most common type of accident.
Check your cover
Do you have the right cover? At HMIS we can do a full review of your existing policies to ensure you’re adequately protected for any issues that may arise in your business.
HMIS is specifically tailored to suit the needs of customers in heavy motor and machinery industries. Get in touch with us today on 1800 629 701.