Electrical Contractors Insurance

The building industry could not exist without electricians – not if we all still want power in our homes anyway!

As an electrical contractor there are various forms of insurance that you will require, both in terms of licensing and also being allowed onto the job site.

The requirements for electricians are fairly similar to builder’s insurance requirements, and in this guide we’ll run through all the information you need.

Licence Requirements

The insurance requirements for those holding an electrical contractors licence can differ slightly from state to state, but the main requirement is that you hold a minimum of $5 million public liability cover.

One major exception to this rule are electricians in Queensland, who are required to hold $5 million public liability as well as $50,000 cover for consumer protection insurance.

In order to apply for or renew your licence you will also need a certificate of currency. For most states the insurer-issued certificate will be fine, but in Queensland you need a special certificate approved by the state government.

Whichever certificate you require your insurance broker or adviser should be able to arrange it for you, although it’s best to ask upfront to ensure you’re not wasting your time or money with the wrong broker or insurer.

Worksite Requirements

In addition to the licence requirements, many self-employed electricians and subcontractors will also require insurance to enter certain worksites.

These requirements are put in place by the building and construction companies running the sites. Often they will make public liability and income protection mandatory for all self-employed workers and subbies.

You will also need a certificate of currency for this purpose, but generally there are no special requirements and a standard certificate will suffice.

Cover Explained

You can find out more information about public liability and income protection elsewhere on our website, but we will go through some brief information below.

Public liability will cover an electrician for property damage or personal injury that is caused to others through negligence.

Income protection will cover electricians if they cannot work for a period of time due to illness or injury.

Electrician Quotes

If you would like a quote on your electricians insurance needs please complete our online quote request or give us a call.

We have a network of insurance brokers and advisers around Australia, and they will be able to assist you with your questions as well as providing quotes and service.

Handyman Insurance

Handymen fill an important role in Australia, undertaking building maintenance work and other odd jobs that do not require the services of a qualified builder.

As with builders, handymen need to have certain types of insurance in place to protect themselves and their clients. In this guide we’ll take a closer look at these requirements.

Common forms of insurance for handymen:

  • Public Liability
  • Tool Insurance
  • Income Protection
  • TPD Insurance

To get a better understanding of the types of insurance available to handymen and the benefits they can provide, we will now look at some of the risks which handymen in Australia face.

Property Damage & Loss

For a handyman there are two different types of potential loss or damage. The first type is loss or damage to your own property, and the second is loss of damage to other people’s property.

Both of these events can be covered by different types of insurance.To Yourself

Loss or damage to your own property can be covered through general property insurance, which is also commonly known as tool insurance.

Most insurance companies in Australia offer a form of tool insurance for handymen, but the coverage can differ significantly from policy to policy.

A typical policy will cover your tools and equipment for theft from a secure location, fire or storm damage and damage caused in a vehicle collision or rollover.

Some policies do not cover theft however, so it is important to check this when comparing handyman tool insurance policies.To Others

Property damage caused to others can vary from the very minor to the very serious.

A minor property damage incident for a handyman could involve spilling paint on carpet which then requires replacement. A more serious claim could involve serious structural damage to a property caused by negligence.

This risk can be covered by public liability insurance, which for some handymen may even be mandatory, especially if you are performing work for real estate agencies and some other businesses.

Personal Injury

When it comes to the seriousness of claims and events, the most serious often involve personal injury either to yourself or to other people.

As with property damage, the risk of personal injury is split into the same two categories.

To Yourself

Many handymen in Australia are self-employed sole traders, and this means there is no access to sick leave or workers compensation.

If you are injured on or off the job and you cannot work for a period of time, you won’t be able to earn money to pay your bills.

You can protect yourself against this risk with income protection insurance. Income protection can replace up to 75% of your usual income if you are unable to work for a period of time due to an injury or illness.

For more serious injuries that leave you unable or unlikely to ever return to work again there is TPD insurance. This form of cover will pay you a lump sum if a doctor believes that you are unlikely to ever return to work due to your injuries or illness.

To Others

Causing personal injury to other people such as customers or the general public as a result of negligent business activities can have some serious financial consequences.

If your work results in injury to another person, and you are found to have directly or indirectly caused that injury via negligence, you could be liable for all of their financial costs.

A minor injury may result in a small claim for some medical bills, but large claims involving death or disablement have the potential to reach into the millions.

This risk can be protected against using public liability insurance, which will cover the cost of a claim if you are found to be responsible for another person’s injury (or worse) to your business activities.

Insurance for Handymen

For more information about handyman insurance please contact your broker or insurance adviser. Alternatively you can contact us or request a quote via our online request form.

Public Liability Insurance for Builders

Builders in Australia are can benefit from a range of insurance types. Some are mandatory, whilst others are simply a good form of protection.

One of the most common forms of business insurance for a builder is public liability.

What Does It Cover?

Public liability insurance covers builders for property damage and personal injury that they cause to other people through negligence in their business activities.

If your business activities result in property damage or personal injury to another person, and you are deemed to be responsible, you could be liable for substantial costs.

The costs involved in a claim for a builder can range from as little as a few hundred dollars for minor property damage, through to hundreds of thousands of dollars (or even millions) for a claim involving serious personal injury or death.

By having the right builders public liability insurance in place you can help to ensure that your company is not burdened by the costs of a claim due to negligence.

Subcontractors Insurance

Most builders know that their subcontractors must have their own public liability insurance.

As a builder, your public liability insurance will cover any employees that you have on wages, but it will not cover any subcontractors that you hire.

In the event of a claim involving a subcontractor there will often be a sharing of the responsibility between the builder and the subcontractor (especially when they are operating under your instructions) but ultimately both still need to have their own separate policies.

It is important for any builder using subcontractors to ensure that they each have their own suitable public liability policies in place.

Builder or Carpenter?

Although many people call themselves builders, when it comes to insurance there is an important difference between a licensed builder and a carpenter who builds things.

Carpenters who build decks, patios and other small constructions will often call themselves a builder, even though they are not a licensed builder.

There is no problem with that of course, but it is important to let the insurance company know if you are a carpenter rather than a licensed builder, as the cost of insurance for carpenters will be less than the cost of insurance for builders.

How Much Does It Cost?

The cost of public liability insurance for builders will depend on two main factors. This includes the type of building work that you are doing, and the size of your building business in terms of annual revenue and staff numbers.

Although your public liability will not cover your subcontractors, some insurance companies will also take into account the amount you pay to subcontractors when calculating your premiums.

Getting a Quote

Getting a quote on public liability insurance for builders is relatively easy. You can obtain quotes directly from the insurance companies, or you can utilise the services of an insurance broker.

Here at Builders Insurance we have access to a network of insurance brokers and advisers who can provide quotes and advice on a range of insurance types including public liability.

To obtain a quote on your builders insurance needs please complete our online quote request or call our office.

Insurance for a Builder

Builders throughout Australia require a range of insurance policies to protect themselves, their businesses and their families.

As a builder there are plenty of risks that you face every day. Many of these you can manage yourself, but others need to be protected against through insurance.

Some of the most common forms of insurance for builders include public liability and tool insurance, along with income protection and life insurance.

In this guide we will take a look at some of the more popular insurance types for builders and associated tradesmen.

Public Liability Insurance

Of all the insurance types for builders, public liability is one of the most commonly required covers.

Building sites can be dangerous places, and the risk of personal injury or property damage is high. If you are found to be responsible for such an incident you could be up for big dollars in compensation.

Having the right builders public liability insurance policy in place you can help to ensure that the costs of such a claim can be covered by the insurance company rather than coming out of your own profits.

Income Protection

As a builder you rely on your ability to work in order to earn a living. If like most builders you work for yourself, you generally won’t have access to sick leave or worker’s compensation, which can leave your exposed if you are unable to work for a period of time.

Income protection insurance can replace up to 75% of a builder’s personal exertion income for a period of time if they cannot work due to injury or illness.

Even if you aren’t self-employed, income protection is still important for a builder in order to protect yourself and your family against medium and long term absences from work.

Builders Tool Insurance

All tradesmen and builders have impressive tool collections, but there is always the risk that someone will try to steal your tools or that they could be damaged by fire or storm.

builders tool insurance policy can replace all of your tools against a range of risks including theft, fire, storm and vehicle collision damage.

As with most types of insurance, not all tool insurance policies are alike. It’s important to shop around and check the policy wording for exactly what is and isn’t covered.

Life, TPD and Trauma Insurance

Most builders know all about life insurance, but there are two other parts to the life insurance story which should also be considered by builders.

Life insurance is quite standard. It will pay a lump sum to your family in the event of your death which can be used to extinguish your debts and provide a financial buffer to ensure that your family doesn’t have to endure financial hardship.

TPD insurance is another important form of insurance for builders. TPD stands for total and permanent disability, and the policy will pay you a lump sum if you suffer an injury or illness that leaves you unable to work ever again.

Trauma insurance is a newer and less popular form of insurance for builders, but it is still very important and well worth considering. It will pay a lump sum if you are diagnosed with a critical illness or condition such as cancer, heart attack or stroke.

Life, TPD and trauma insurance are more about protecting yourself and your family rather than your business, but in many respects that makes them even more important for builders, especially those with loved ones to look after.

Other Forms of Cover for Builders

There are many other forms of insurance which builders will have to consider. Some may be mandatory depending on the type of work you do, whilst others are simply a good idea for protecting yourself and your business.

Some of these other forms of cover include business expense insurance, business interruption insurance and builders warranty insurance.

Builders Insurance Quotes

The easiest way to get a builders insurance quote is to contact an insurance broker who specialises in such cover.

Here at Builders Insurance we have access to an Australia-wide network of insurance brokers and advisers who know the industry and can help you with quotes and advice on your insurance needs.

If you would like to speak with an expert about insurance for builders please contact us or complete our online quote request.

Insurance is an important consideration for builders, and it pays to have the right protection in place for the sake of yourself, your business, your staff and of course your family.

Insurance for Carpenters

One of the most common trades in the building industry is carpentry.

Just as builders themselves need insurance, carpenters will also need cover in many cases.

The forms of cover available for carpenters are very similar to other forms of builders insurance such as public liability and income protection.

In this guide we will run through some of the requirements when it comes to carpenters insurance.

Carpenters Insurance

There are a number of different types of insurance available for carpenters, and each type will protect a carpenter, their business and their family in a different way.

Public Liability

Public liability is the most commonly required form of insurance for carpenters. It covers you for losses suffered by other people who suffer personal injury or property damage as a result of your work.

Many carpenters will find that public liability insurance is mandatory in order for them to enter a worksite, especially sites run by the larger building and constructions groups.

The cost of public liability is very reasonable for carpenters, and is actually cheaper for carpenters than for most other trades. A basic policy can start from as little as $450 per year, but it will change depending on the type of work you do and the size of your business.

Income Protection

Another common form of insurance for carpenters is income protection. This insurance can replace the majority of your income if you are unable to work for a period of time due to injury or illness.

As with public liability insurance, income protection will be mandatory for many self-employed and subcontractor carpenters working on sites run by the larger building groups.Tool Insurance

There are plenty of other types of insurance used by carpenters in the building industry, but the last of the main covers is tool insurance.

Tool insurance can cover the costs of replacing your tools if they are stolen or damaged. The specific covers varies greatly from one policy to the next, so you need to do your research when comparing policies.

Quotes for Carpenters

Most insurance brokers will be able to cater for carpenters in the building industry by providing quotes and service on public liability and tool insurance, whilst any financial adviser should be able to provide quotes on income protection.

Whilst any insurance adviser may be able to assist you, it is generally preferable to use a firm which specialises in cover for carpenters and tradesmen in general, as they know the industry and will know which policies are best for you.

To obtain a quote on your insurance please click on the quote button below or simply get in contact with us. We will refer you to an insurance adviser who specialises in the carpentry industry.

Tradesman Insurance

The building industry is made up primarily of tradesmen, many of whom are subcontractors and business owners.

Many tradesmen are required to have insurance in order to obtain their licence or to get onto certain worksites.

Trades insurance is not just a single form of insurance. Instead, the term relates to a range of insurance covers that suit tradesmen.

Some of the common forms of trades insurance include public liability and income protection, and to a lesser extent tool insurance and life insurance.

In this guide we will take a look at some of the most popular forms of insurance for tradesmen, what they cover you for and who needs them.

Income Protection

Since such a large number of tradies in the building industry are self-employed or subcontracting, many do not have access to sick leave or worker’s compensation.

To combat this, many building companies have mandatory income protection insurance for their subcontractors.

Income protection insurance can replace up to 75% of a tradesman’s income for a period of time if he cannot work due to injury or illness.

You can find more information about this cover on our income protection insurance page.

Public Liability

The most commonly required form of insurance for tradies in the building industry is public liability insurance.

Public liability protects tradesmen in the event that their work results in property damage or personal injury to another person.

A subcontractor will not be covered for such damage by the building company, which means that they must have their own public liability cover in place.

More information on this form of cover can be found on our public liability insurance page.

Tool Insurance

Whilst tool insurance is not mandatory for any tradesmen, however it is still a very important and popular form of cover for tradies.

Since most tradesmen rely so heavily on their tools in order to earn a living, it is important to protect them. A tool insurance policy can cover tools for theft as well as damage from fire, storm or vehicle accident.

Not all tools policies are equal, with some not even covering theft. For this reason it is important to read the policy documents carefully before choosing a policy.

Other Trade Insurance

Income protection, public liability and tool insurance are certainly the most common forms of insurance for builders and tradesmen, there are a number of other covers worth considering.

Life insurance, TPD insurance and trauma insurance are all important covers, and tend to be more popular with workers who have a family to support along with other major financial responsibilities.

Some builders will also require contract works insurance. This cover isn’t required by most tradesmen unless they are taking on major building projects on their own.

Here at Builders Insurance we strongly recommend that people speak to their insurance broker and financial adviser to work out exactly which types of cover they require.

If you do not have an existing insurance adviser, you can click on the quote button on our website and we will try to put you in contact with a suitable professional who may be able to assist you.

Another option for tradesmen is to use a specialist tradesman insurance firm. One such firm is Trade Risk who look after tradies all over Australia. Follow the link to their website for more information.

Public Liability for Tradies

Whether you’re a fully licensed builder or just a tradie, public liability insurance is vital for protecting yourself and your business.

Most tradies know that they need public liability insurance, but many don’t know why they need it or how it protects them. In today’s guide we will try to answer these questions.

What is Public Liability Insurance?

Public liability is a form of business insurance which protects a tradie from the financial liability that can come as a result of a personal injury or property damage suffered by someone else and caused by your business activities.

If you are on site and do something which causes damage to property, usually you would be liable and would have to cough up the funds to replace or repair the damage.

If your work results in personal injury or death to a customer or member of the general public, normally you would be liable for the financial costs of compensation and lost income etc.

With a public liability insurance policy the costs are covered by the insurer, provided that the incident is covered under the type of policy you have.

Why Do Tradies Need Public Liability?

There are plenty of different business types which require public liability insurance, but due to the manual nature of their work it is even more important for tradies.

The type of work which the average tradesman undertakes every day leaves them exposed to all sorts of risks.

A tradie could cause property damage or personal injury directly through their actions, or their workmanship could result in property damage or personal injury further down the track which they are still liable for.

Any decent claim could easily send a tradie bankrupt, so it is important to have public liability insurance in place in order to take away this major financial risk.

Obtaining Public Liability Insurance

Thankfully it is very easy for a tradie to take out a public liability policy. There may be some exceptions when your business activities are outside of the norm, but the average tradie will have no problem obtaining cover.

Once you have worked out how much cover you need, the next step is to find out your public liability insurance cost. This can be done easily be obtaining quotes via an insurance broker or other insurance professional.

An insurance broker can not only help you with working out the cost of your cover, but can also recommend a specific insurance company and policy which they believe will meet your business needs.

For more information please feel free to get in touch with us or speak with your insurance adviser.

Contract Works Insurance

Many builders will find themselves needing contract works insurance at some stage.

Contract works insurance, also known as contract risk insurance, is a type of cover designed to cover builders for various risks relating to building contracts.

Some of the risks covered by this form of insurance may include the following:

  • Loss or damage to building materials
  • Property damage
  • Loss or damage to tools and equipment (usually limited)
  • Contract variations up to a certain percentage
  • Property in transit or storage

The specific cover offered by each contract works insurance policy can differ, so it is recommended that you check each policy carefully to ensure the coverage is adequate for your needs.

Contract works is an important form of builders insurance, and in many cases, especially when large contracts are involved, a policy will be mandatory as stipulated under the contract.

Although there can be some overlap with public liability insurance and tool insurance, a contract works policy is generally considered to be a separate policy which does not replace the others.

For more information please speak with your builders insurance broker, or get in contact with us and will put you in touch with a suitable insurance professional who understands your needs.

Builders Insurance Victoria

There are a range of different types of insurance required by builders operating in Victoria.

When considering builders insurance there are two different sides to look at, and the types of cover you require will generally come from both sides depending on the type of business you operate.

On one side you have business insurance, which incorporates cover such as public liability and tool cover, and on the other side you have personal insurance, which incorporates income protection and life insurance.

In this guide we will take a look at the types of builders insurance available on both sides.

Public Liability Insurance

All builders in Victoria will either require public liability insurance or will be strongly advised to consider such cover.

Whether or not you require public liability insurance will depend on your employment status and business structure, as well as the type of work you undertake.

If you are employed on wages and working under someone else’s licence then you may not require this cover, however if you are a subcontractor or a builder in your own right then you will most likely require your own cover.

Tool Insurance

It is not mandatory for Victorian builders to hold tool insurance, but it is certainly a good idea.

Tool insurance will protect your tools financially in the event of loss or damage. The specific events covered by a tool insurance policy will vary from one company to the next, however generally you will be covered for theft from a secure location, fire damage and damage caused in a vehicle collision.

Tool insurance is generally quite inexpensive considering the protection that it offers, and the cover is strongly recommended for all builders operating in Victoria and elsewhere around Australia.

Income Protection Insurance

As a self-employed builder you will generally not be entitled to sick leave, unless you are paying yourself sick leave from your own company of course. Regardless, the end result is that you are not out there earning your own money.

One of the easiest ways to protect your income in the event that you cannot work due to illness or injury is to take out an appropriate income protection insurance policy.

Income protection for builders is available with a range of different options which affect the level of cover provided along with the premium payable. Although income protection is considered to be a personal form of insurance, it is still 100% tax deductible for all workers.

Life Insurance

Many licensed builders, especially those undertaking their own projects, will carry a lot of debt associated with their company. To avoid passing these debts on to loved ones it is important to consider life insurance.

Life insurance can provide a lump sum amount that your family can utilise to repay business and personal debts, and also to provide an ongoing income after your passing whilst they get back onto their feet.

Unlike income protection, life insurance is not tax deductable, but it is still a very important form of financial protection for any builders.

Other Types of Insurance

Switching back to the business side of insurance, there are many other forms of cover that a builder in Victoria may require.

Some of these covers may include builders warranty insurance, builders all risk insurance, contract works insurance, business expense insurance and key person insurance.

These forms of insurance can be more complex, so it is best to sit down with your builders insurance broker to discuss which of these covers you require and how they should be structured to suit your and your business.

If you would like to discuss your builders insurance please get in contact with us. We can assist builders in Victoria as well as those located in other areas of Australia.

Builders Public Liability Insurance

There are many types of insurance that builders can benefit from, and one of the most popular is public liability insurance.

Public liability insurance covers a builder for any property damage or personal injury they cause whilst undertaking building activities. The policy only covers damages to other people, and not to the builder.

Most builders will find that public liability is mandatory in order to undertake work as a licensed builder, however there may be some exceptions depending on the specific type and value of the work you undertake.

Common Public Liability Claims

Public liability insurance claims will generally involve property damage, personal injury or potentially a combination of the two.

A common property damage claim for a builder would involve damage caused on a worksite due to their or their staff member’s actions. This could be as simple as another worker’s vehicle being damaged, or as serious as a complete structure being destroyed.

Personal injury claims are generally more serious when it comes to public liability insurance. This could involve an injury caused to a bystander on a worksite, or injury to an occupant due to a structural fault in your building work.

Minor personal injuries may simply be a few hundred dollars in medical expenses, but at the other end of the scale can include multi-million dollar payouts for death or permanent disability as a result of your actions.

Public Liability Insurance Cost

The cost of public liability insurance will vary depending on the scale of your business as well as the type of work you undertake. The cost will also change depending on whether you’re acting as a licensed builder or a subcontractor.

Generally a builder with high turnover and high staff numbers will attract higher premiums than a builder with lower revenue and staff numbers. The number of subcontractors used may also affect the premium depending on the insurance company.

As the premiums for public liability insurance can vary so greatly depending on the insurance company chosen and a number of other factors, it is recommended that builders use a specialist insurance firm to assist with the selection of a suitable policy and policy options.

Options Available With Public Liability

Public liability insurance can be packaged with a number of other forms of builders insurance. At a basic level this may simply include tool insurance, however there are more comprehensive covers to consider such as business interruption and other forms of protection.

It recommended that you speak with a builders insurance specialist when determining which options your insurance package should include or exclude.

Choosing Public Liability for a Builder

Although most public liability insurance policies are quite similar, there are some important differences that need to be considered.

Generally you will find that some policies will suit builders better than other policies, however for someone who does specialist in builders insurance it can be difficult to determine which policy is best.

Here at Builders Insurance we specialise in public liability and other forms of insurance for builders, and our network of insurance experts will be happy to speak with your about your specific needs and provide you with the quotes you need.

For more information on builders public liability insurance please contact us, or if you are ready to obtain quotes simply go to our online quote form and follow the prompts.