If you’re a builder or carpenter, and you want to protect your livelihood; whether it be stolen equipment, a legal challenge, or a tax audit, then you may want to carefully consider business insurance.
For owners and many operators, the responsibility to take out and maintain appropriate insurance sits with you.
On this page, we explain the types of insurance typically seen as relevant to these professions, why they can be important and where you can purchase insurance once you’re ready to proceed.
For a builder or carpenter, you can consider the following types of insurance:
Public Liability insurance. Designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities. Public liability insurance requirements for building practitioners vary among different Australian states or territories.
Portable equipment insurance. This type of insurance can cover specified items such as tools, business equipment or electronic items. You can choose between comprehensive cover which will include accidental damage cover or insured events cover (for events such as fire, theft by forcible entry, explosion or storm).
Personal accident insurance. Accidents can happen on even the most professional and organised working conditions. Should the unexpected happen, this product can cover your income* if you’re unable to work due to illness or injury.
Management liability insurance. This cover is designed to provide protection to both the business and its directors or officers for claims of wrongful acts (e.g. fraud) in the management of the business.
Statutory liability insurance. This insurance protects you, your business and your employees against certain unintentional breaches of some Australian laws (eg. health and safety law) and up to a limit set out in the policy. It will also cover some of the costs of representation related to investigation costs for alleged breaches, as well as defence costs, and fines or penalties payable following a conviction.
Additionally, you can also consider the following types of insurance:
Read all about the types of business insurance (plus the ones we cover).
It doesn’t matter how skilled you are; sometimes, things go wrong. And when they do, you’ll need adequate cover – otherwise, your business could suffer or even go belly up!
The benefits of insurance include:
The cost of certain types of insurance will depend on several variables; including the size the business, how much cover you need, the type of projects you work on, and more.
Using our free online comparison tool, you can enter your business information and choose between different cover options. What’s more, you’ll be able to compare on price, features and benefits in a convenient side-by-side view.
What sorts of projects do you work on? What are their budgets? These are the types of question you need to ask yourself when you’re trying to determine an ideal cover amount – so you’re not left underinsured. If you’re bamboozled, you might want to consider getting some advice from your industry or governing bodies.
Regarding how many types of insurance you need, this is a question only you can answer. Think of worst-case scenarios and develop contingencies. Consider what risks your business could face whilst operating and which types of business insurance would cover you.
No. Not all policies are created equally. When you’re comparing, it’s essential to check policy inclusions and exclusions, excesses, and terms and conditions to ensure you know what’s covered and what’s not.
Some insurance providers even let you ‘build your own policy’ by picking and choosing the cover you want – creating a product tailored for your business.
It’s compulsory to have workers’ compensation if you have employees on your payroll. Rules differ by states and territories, so check or contact government bodies to find out more information.