When you first started your business as a contractor, you likely did not consider how far-reaching your business could be. Like many businesses, you probably have seen growth over the past few years. This can mean that you take larger jobs and have a larger workforce. With that in mind, the need for tradies insurance has likely become increasingly important. Before you settle on a package, here are a few key points you should know.
Number of Employees
One key aspect to finding the right tradies insurance for your contractor business is in the number of employees you have. For example, if you have five employees, your tradies insurance can be very different from an insurance package that suits twenty or more employees. You will need to determine how many employees are covered under the insurance packages; any of your employees that are not usually on-site, such as administrative employees, will be included as well. If you aren't sure which employees to include, your insurance provider can answer these questions during your consultation.
Product or Public
One of the choices you will have to make when it comes to tradies insurance is whether to get coverage for product liability or public liability. There may be cases where you need both. For example, if you are working on a new construction site that will be open to the public during construction, you will likely need dual coverage for product and public liability. If you will keep the worksite closed to the public during construction and are not concerned with the well-being of third parties near the site, then product liability coverage may be all you will need.
Once you have narrowed down other aspects to the tradies insurance, you will need to choose the amount of coverage or damage limitations you want. If you have a small contractor business that handles mainly residential clients, you may want a smaller policy. If you handle projects for companies and large business developers, then a larger coverage amount would be best. Keep in mind, you also want to consider how much coverage for medical treatments and damages should be involved. For example, if you want to cover the vast majority of the medical and damage costs someone would receive in an accident, you will want to pay for larger coverage amounts.
If you believe you are ready to settle on a policy for tradies insurance that fits your company, contact your local insurance provider. They can help you with options, packages and pricing. They can also perform an evaluation of your business to determine which options may be vital for your contractor business.