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Some of the main types of insurance that a builder could consider include:
So, let’s have a closer look at each of these.
Public Liability Insurance is compulsory for many Australian businesses, and is commonly a contractual requirement for many builders.
Public Liability insurance is designed to provide protection* for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
A claim made against you could result in a big bill, even if you’re in the clear. And as the business owner, you’re the one who’s legally responsible for any legal and compensation costs.
Details vary between insurers, but Public Liability Insurance typically help cover the following things:
As with all insurance, there are exclusions, so check closely. Here are some of the more common ones:
Public Liability can be a compulsory type of insurance, but there are still variations in exactly what each policy covers, so check the details before you sign up.
How long could you or your business survive if you suddenly couldn’t draw as much or any revenue due to you being ill or injured?
Personal Accident and Illness insurance* can help provide levels of cover for loss of income if you are unable to work, permanent disablement and even death as a result of an unexpected injury or illness (even if it occurs outside of your employment).
With no stress about covering your bills, you can concentrate on recovering and getting fit for work.
As well as covering loss of income because of injury or illness (or both combined), some policies may offer options to include cover for things like death, disablement and business expenses. Some things that are typically not covered by Personal Accident insurance. Look out for policy exclusions and be aware that your policy probably won’t cover things like:
As always, check any policy carefully for inclusions and exclusions, and make sure you know what you’re covered for.
It’s the sound a small business dreads, the surprise knock on the door from the ATO. Audits can happen out of the blue and catch your business by surprise.
Tax Audit Insurance covers a business for specified costs in the event that it is selected by the Australian Tax Office for auditing. The policy offers coverage for the costs of accountants and other nominated professional fees incurred in the course of an audit.
Any fines or taxes imposed as a result of the audit, and money for your time or lost opportunities will not typically be covered. Neither will your employees’ time or wages
As a builder, you’ve probably got plenty of gear, and losing any of it can be a real pain.
That’s where having Portable Equipment Insurance could help.
Portable Equipment or General Property insurance can either be a separate policy or part of your Business Insurance package. It can help cover specified items such as tools, business equipment or electronic items. You can choose between comprehensive cover which generally includes accidental damage cover or insured events cover (for events such as fire, theft by forcible entry, explosion or storm).
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Last updated: 15/03/2022