When you consider all of the services you provide, it is easy to see that a tradie in this line of work sees a number of risks that increase the chance of material or physical loss.

Risks that are unique to running a motor trade business include:

• Responsibility for test-driving customers’ vehicles
• The increased cost involved with exotic or historic cars and the parts necessary to repair or refurbish these vehicles
• Potential for problems working with heavy equipment (generally over two tonnes)
• Working to repair or maintain earthmoving equipment
• Cost of the equipment you need to do your job
• Responsibility for storing customer vehicles at your place of business

These areas are over and above the typical concerns of those in other trade businesses.

Depending on the specifics of your policy, you motor trades insurance can cover:

• Damages to your property by fire, flood, electrical failure, theft, vandalism, or other events outlined in your policy
• Mechanical breakdowns
• Equipment failure
• Loss of equipment or stock
• Breaking of glass indoors or outside of your business

Depending on your circumstances, you should have several kinds of general business insurance in addition to the cover created for the motor trades.

• Worker’s Compensation Insurance – All of Australia’s states and territories mandate worker’s compensation cover to protect employees from losses related to their job or place of employment
• Third Party Property Damage Cover – Pays for damages to another’s property that is your responsibility for causing
• Comprehensive Business Insurance – Protects against loss or damage to your property due to theft, vandalism, or other unforeseen events
• Public Liability – Pays in the event that you are the cause of damage to a person or their property

There are additional insurance products that could be beneficial to you and your company. Contact Tradies365 to get more information.