For most plumbers working across Australia, working as a contractor comes with the territory. Although working for yourself offers flexibility and means that you’re not handing over profits to a third party, it also means that you need to take care of practical arrangements such as insurance. Let’s take a look at some of the most important insurance policies that plumbers in Victoria need to consider.
Public liability insurance
Public liability insurance provided financial protection if you cause damage to property or injury to a person as a result of your actions at work. It also covers bills if you need to hire a lawyer due to a liability claim. For plumbers, accidents can happen all too easily with and all it would take if for client property to be damaged while you’re undertaking a job or for someone to slip due to water not being cleaned up properly for a liability claim to occur. Although public liability insurance isn’t a legal requirement, many employers will expect you to have cover before they take you on as a contractor and clients will often want assurances that you have liability cover in place.
General property insurance
General property insurance offers financial cover if your transportable items are lost, damaged or stolen. For plumbers who carry their tools and equipment around to various work sites, it’s easy to see why this cover is so important. If something happened to your tools, consider for a moment how much it would cost to replace each item. It can really add up! It can be especially expensive if something happens to your power tools or larger specialist equipment.
Personal accident insurance
Although there are benefits to being self-employed, it also generally means that you don’t have access to leave benefit. For plumbers, this can be problematic if you find yourself in a situation where you’re unable to work. With personal accident and illness insurance, you’ll continue to receive a portion of your incomes if you’re unable to work to an injury or illness. Your payments will continue for the life of the policy, which is generally one to two years, or until you’re able to return to work. These payments can be used for things like medical bills, rent and mortgage, and daily living expenses.
Having personal accidental insurance in place gives you financial peace of mind that you can continue to have an income if you can’t work. This allows you the time to recover without forcing yourself back to work before you’re ready due to financial strain.
Insurance for contactors
Contractor Cover are committed to offering the insurance you need for your contracting business at a competitive price. Backed by the largest insurer in the world, our contractor pack includes the most recommended insurance policies for contractors in one convenient package. This means you’re getting quality cover without the need to mess about with multiple policies. We make insurance for contractors easy!