Essential Insurance
Public Liability
Covers claims if you damage property or injure someone:
- Minimum $5 million recommended
- $10-20 million for commercial work
- Cost: $500-2,000/year depending on trade
Workers Compensation
- Mandatory if you have employees
- Covers workplace injuries
- Cost varies by trade and claims history
Recommended Insurance
Income Protection
- Pays if you can't work due to illness/injury
- Critical for sole traders
- Consider waiting period and benefit period
Tool Insurance
- Covers theft and damage to tools
- May be included in home insurance or vehicle policy
- Check if working tools are covered
Professional Indemnity
- Covers claims from professional advice
- Important for design work
- Often required for contracts
What Customers Check
- Current certificate of currency
- Coverage amount adequate
- Your business name on policy