By virtue of their jobs, tradies are often hand-on. They move around and put the blocks together to get the job done under any circumstances. This takes away their attention towards the core working and they tend to overlook the business aspect of their businesses. One of the most important aspects of trade businesses is insurance. The work of tradies is prone to unfortunate incidents which they are held liable for. However, they are highly skilled and take all necessary measures to reduce the risks, mishaps can still happen. This is where insurance can be your savior. Different types of insurance for tradies are available in the market. The most popularly sought is public liability insurance. It has a wide-range coverage and provided for medical bills, repair bills, attorney fees, compensations, etc. Here are some convincing reasons for a tradie to buy public liability insurance.
- Third-party damage
Your work involves movement of heavy and bulky building material, operating power tools and machines, etc. It is possible, that while working with these, you damage a property owned by someone else (or third party property damage). Although you take the utmost care while working and have no claims for several years of work, just one slip on any unfortunate day can cause you a significant amount. Public liability shares the burden of payback and you have to pay only the excess amount instead of the entire claim.
- Injuries at worksite
While third party property damage is a costly affair, personal injury can be even more expensive. The cost of an injury is always higher as it has a consideration of other associated losses like loss of payment while recovering, etc. Bill amount can rise exponentially for the treatment and would include cost for tests (e.g. x-ray), doctor’s fee, medicine bills, hospitalization and surgery fees (for serious injuries), etc. You can use public liability insurance and save your pocket digging.
- It is required to get a license
Different states have different rules for obtaining tradie’s license. It is, however, a common requirement to have public liability insurance to get a license, particularly for electricians and plumbers. License authorities insist on insurance to ensure that if anyone is hurt or harmed in any way due to tradies’ work, he/she gets a judicial amount to recover from the loss. This is done in public interest.
- Builders may demand it
Builders and project managers are well aware of the risks of a construction site and the cost associated with them. They know that any unfortunate incident can cost a fortune which is why they allow any trade to their site only if he/she has appropriate insurance to cover such costs. If you are a sub-contractor or self-employed, you cannot work with most project managers without public liability insurance.
- It shows you care for your client
Any mishap at the worksite due to your mistake or negligence can be catastrophic knowing the place is surrounded with heavy and powerful material and equipment. If your client, client’s children or anyone else is injured he/she must get the remuneration for the cost of treatment. Having insurance not only allows you to pay the bills and move on with the least pocket digging it also provides the necessary financial support to your client to continue their lives during the treatment and recovery.