Tradesman Insurance NSW

NSW TradesmanA tradesman operating in New South Wales will require a range of insurance covers.

Some forms of insurance for tradesmen are mandatory, whilst others are optional – but still a very good idea.

The most popular form of insurance for NSW tradesmen is public liability insurance, and in this article we will take a closer look at public liability for tradies.

What is Public Liability?

For tradesmen in NSW, a public liability policy will protect them against the financial consequences of inflicting unintentional person injury or property damage to a customer or other person.

In normal circumstances you would be liable for the costs of any claim against you, but with public liability insurance you can shift this responsibility to the insurance company, provided that the incident is covered under your policy.

Who Needs It?

Any tradesman who works for himself, either as a business owner or a subcontractor, will most likely need public liability insurance.

Many worksites, especially the larger sites, will have mandatory requirements for all self-employed tradesmen to hold public liability insurance in NSW.  In some cases they will also be required to hold income protection.

Regardless of whether or not it is mandatory for you and your business in NSW, public liability cover is simply a good idea for any tradesman or trade business.

How Much Does It Cost?

The cost of public liability insurance varies depending on the type of trade business that you operate.

The fact that the business operates in NSW won’t have a huge impact on the cost, but if you are based in NSW you will have to pay stamp duty at the rate set by the state.

Your public liability insurance cost will be based primarily on the level of risk that the insurance company believes you may pose.  A low risk trade and business will generally attract a lower cost, whilst a higher risk trade and business will attract a higher premium.

Getting a quote on your public liability insurance in NSW is quite straightforward.  The best option is to contact a insurance broker who can assess your needs and recommend a suitable policy.