You might have the gift of the gab but try getting yourself out of a situation where someone has been hurt or their property was damaged. Consider the impact of someone tripping on your cabling, or your materials falling on another contractor. Even worse, something which you have worked on collapsing and damaging someone’s property.
Public liability insurance will protect you and your business from claims made against you when unfortunate accidents happen. If you are working on small renovations it may not be requested by the client, but that doesn’t mean being covered is not important. Everyone working in construction should have some public liability insurance. On larger sites you probably won’t even be allowed to enter unless you can provide a certificate of currency of your insurance.
Do you have an exact inventory of your tools and receipts handy? Time and time again tradies come to us wondering how they forgot to cover their tools of trade. You should take photos of all your tools and keep all your receipts handy so that when a theft happens, the claim is easy to prove.
If you are self employed and you get injured your income stops. That means you mortgage, bills and vehicle leases get paid by whatever saving you have available. You need to make sure you protect your income with a proper income protection policy tailored for tradies. Our financial advisors at Cursio Group can sort you out with a policy to cover 75% of your income plus super from an insurer who understands your field of work.
If you are investigated by the ATO you will need to provide them with your books ready to go. If you don’t have tax audit cover, you’ll need to find some quick cash to pay your accountant to get your audit ready. This is an expense you can handball to your insurer if they come knocking on your door.
