What is Public Liability Insurance and Why Every Tradie Needs it!Margin Media
In any tradie’s line of work, risk is part of the job description.
However, that doesn’t mean you should be risky with the consequences. Getting Public Liability Insurance is a great way to make sure that when anything goes wrong, you’ll be in the clear.
So, what is it and why should every tradesperson have it?
Public Liability Insurance
This type of insurance is designed to protect businesses when other people or property are affected by incidents or accidents that happen on the job. For tradies, this is particularly important.
There are a lot of things that can go wrong on a work site, and when they result in injury to another person or damage to property, the tradie is often liable for any of the financial costs associated with the claim. These may include:
- Loss or damage of goods or property
- Legal expenses
- First aid expenses
Keep in mind, Public Liability Insurance doesn’t cover:
- Damage to property or goods owned by your employees or yourself
- Your employees’ or your medical expenses
- Illegal or unlawful activity
When organising your insurance, it’s always good to talk through what exactly you’re covered for and what other insurances are available for what’s excluded. For more information, contact us at Tradesure.
Why You Need It
In many instances, Public Liability Insurance is actually a requirement for tradies to obtain a licence or access a worksite. A majority of builders and project managers understand the potential dangers of being on site and many require subcontracted or self-employed tradespeople to be covered by this insurance.
Obligations aside, having Public liability Insurance will save you money and keep your conscience clear in the long run.
If something happens during the job that results in your clients being injured or their property damaged, your clients will be entitled to a payout to cover the costs of the consequences. If you don’t have that money, not only will you be in financial stress but they won’t get the money they need to go on with their lives.
Getting covered isn’t as expensive as you might think either… and costs a lot less than taking the gamble without it.