When you’re a tradesman in the construction industry (or any industry for that matter) it’s vital to your livelihood to be fully protected with a wide-ranging insurance package. This will also make you more valuable to potential employers as many construction companies require you to have your own insurance.
Morgan Insurance has spent years dealing with the construction industry and is the best “toolkit” when it comes to choosing the most cost-effective and suitable insurance package. They’re always on hand to talk to you and bring an in-depth knowledge of tradesman insurance to the “workbench”. In the meantime, the following list will give you some insight into the more common types of coverage.
Income Protection Insurance
Working as a construction tradie comes with its own level of injury risk. What if you’re a self-employed tradie? This means you won’t be covered by worker’s compensation or sick leave. Income protection insurance covers the cost of your lost wage in the event that injury or illness prevents you from working. This will protect you financially and ensure you and your family stay afloat. The team at Morgan Insurance can help you choose the best policy and also discuss other coverage scenarios such as trauma, total and permanent disability cover (TPD), and life insurance.
Tools & Equipment Insurance
It’s of the utmost importance to protect the means of your livelihood and your ability to generate income. This is why tradies should make sure their tools and equipment are fully covered against theft, loss, and damage. The Morgan Insurance team will carefully go over all your requirements and make sure your tools and equipment aren’t undervalued.
Commercial Vehicle Insurance
Commercial vehicle insurance, also known as business vehicle insurance, is cover for most work-related vehicles such as sedans, utes, vans, trucks, trailers etc. There is a common misconception that personal car insurance will adequately cover vehicles used primarily for business. Construction tradies should realise using personal cover for a commercial vehicle is fraught with risk and many circumstances won’t be covered. Commercial vehicle insurance is the best choice as there are additional levels of cover and options that aren’t available in a personal vehicle policy. The Morgan Insurance team can discuss all the aspects and advise what’s best for you.
Public Liability & Product Liability
Don’t assume you will be covered by the company you work for as this is often not the case. Should you cause injury to a third party person or damage their property during the course of your work, public liability insurance will protect you from severe financial loss. This type of coverage is particularly important for construction tradies due to the higher risk nature of their industry.
Product liability insurance is also something to consider and shares similarities to public liability insurance. While public liability provides cover for incidents that occur during the work, products liability provides cover for incidents that happen after the work has been completed and handed over. The Morgan Insurance team will discuss your circumstances and help you choose the most suitable policy.
There are many other aspects and options to consider when it comes to insurance packages for tradies in the construction industry. Unlike many “mainstream” insurance advisers, Morgan Insurance specialises in commercial insurance and can really “hit the nail on the head” when it comes to choosing the best and most affordable insurance package for you. Call Jim and the team at Morgan Insurance for a quote and expert advice.