When you are in business it’s important to have the correct business insurance and this applies to tradesmen. Whether you own a medium to large building company or you run as a sole trader or you’re involved in a partnership, the right business insurance will provide you certainty for the future.
Business insurance can be as broad or as defined as needed by business owners, and it can be bundled or packaged to include business insurance products such as general property, public liability, tax audit, transit and statutory liability. Look for a Business Insurance pack that covers all of the above.
While most tradesmen are familiar with general property, public liability insurance, tools insurance and commercial vehicle insurance they may not be quite so familiar with tax audit or statutory liability insurance. We’ll get to those laterfirst we’ll recap on the others. Business Property Insurance is essentially insurance cover against loss or damage to buildings, contents and stock which might be the result of fire, storm and water. Theft from your premises is also included for your contents and stock.
It includes breakage to glass from a fracture extending through the entire thickness of the external or internal glass. It also covers buildings owned by you or for which you are legally responsible and this includes fixtures, fittings and underground or above ground services, walls, gates, fences and all other structures improvements at that location. Your Business Insurance property insurance will also cover alterations and additions to buildings, during the course of their erection and which are commenced during the period of insurance.
The Trades Business Load up property cover should also include contents used in the business and which are owned by the business owner, directors, partners or employees for which you as the business owners are legally responsible whilst they are contained within the building. Property includes building, contents and stock as agreed in the insurance policy. Records and documents such as plans or drawings and any other documents which are used in the business, in the building location or are owned by the business owner or are in custody of the business owner are also covered.
However , there are exclusions which include but are not limited to items such as caravans or trailers (unless specifically noted in the policy), money, jewellery and watches, pets, livestock, stock-in-trade samples. It is always recommended that you discuss the exclusions as well as the inclusions with your Business Insurance consultant and ask about a business insurance quote today.
Public Liability Insurance is an essential for all Tradesmen. In fact , in some situations tradesmen are not allowed onto work sites without it. Public Liability provides financial protection for tradesmen in the event that you are responsible intended for damage to property other than your own or injury to others. While Public Liability Insurance covers the general public and their property, as you would expect in workplace situations, the claims are often worker to worker.
If you’ve never been audited by the Tax Man, that’s your good fortune. However , in these days of self-assessment the Taxation Commissioner has a team of auditors who ensure that everyone is doing the right thing on their tax returns. While audits can be as easy as answering a few questions, for others it can be a long and costly process of recovering archived records that could date back several years. Responding to a tax audit may also require the involvement of professional service providers such as your scrivener, which means extra expense.
Tax Audit covers you intended for fees and other expenses. Talk to your insurance consultant and make reference to your product disclosure statement for details of your policy. When it comes to Statutory Liability Insurance, many tradesmen are left scratching their heads. It is one of the lesser known business insurance products, but for many business owners and tradesmen it can be one of the most important.
Statutory Liability insurance insures business owners against the cost and expenses associated with official investigations and inquiries; fines and penalties and pollution liability defence costs. Of course , your Business Insurance package would not be complete with out commercial motor vehicle insurance and tools insurance. For business owners who rely solely on their business for income, injury and illness insurance is an important concern to ensure income when you are able to work.
To find out more about business insurance and to organise a quote look on the web intended for an online quote or speak to your insurance consultant. Always make reference to your Product Disclosure Statement for complete details.