As a tradie, every day presents new challenges with risks that can impact project deliverables and even trades people's livelihood. Setbacks can be immediate or long lasting.
Here’s a closer look at just a few of the risks tradie’s face and how insurance can act as a safeguard:
- Legal Liability (Public & Products Liability) - Working in varied environments means there’s often a risk of bodily injury or property damage to third-parties. Legal Liability is designed to protect the tradie for legal costs and compensation payments. These losses are generally considered low frequency, but the cost of a claim can be high and as a consequence have a big impact on a small business.
- Tools of Trade - Damage to, and theft of Tools and Equipment can be inconvenient and impact cash flow - the last thing a tradie wants when working hard to get a job delivered on time and on budget. Tools of Trade cover is designed to minimise out of pocket expenses for repairs and replacement in the event of theft or loss/ damage from an insured peril.
- Tax Audit - Despite your accountant's best efforts, there is just about always a risk of the ATO initiating a tax audit against your business. When tax audits arise, they can result in unforeseen out of pocket expenses through professional fees incurred in attending to the audit. Tax Audit Cover is designed to respond to tax audit events and cover professional fees incurred upto your insured limit.
Having insurance protection can be like having a reliable safety harness; it can help small trades business manage the unexpected twists and turns of the job. It forms part of a broader risk management plan, as a risk reducing measure when unforeseen events arise.
The VIZ Tradies Pack is designed to meet the general needs of tradies and small trade businesses by offering Legal Liability (Public & Products Liability) with two additional cover options:
- Tools of Trade Cover
- Tax Audit Cover
Any advice provided is general advice only and you should consider if it suits your needs. Please read the relevant Policy Wording to ensure the product is right for you. All product information contained within this website is subject to policy terms and conditions (including exclusion and limitations). Your use of VIZ’s website is subject to the website Terms of Use.
