If you’re a tradie who has finished their apprenticeship, then you may be wanting to start your own business and break away from your current employer.
While you most likely have the skills and tools required to start your own business, you also need to look at the business aspects.
Getting insurance is planning for a rainy day. Insurance can be the make or break difference between your company's success. While you may be brilliant at your job you need to leave some degree of margin of error.
There are many types of insurance for small businesses but the most vital to a tradie is a public liability policy. In a nutshell public liability insurance is a form of coverage that protects against others or property during your work.
Say your business was an auto repairs shop that fitted a new rear window into a car. Say the car window pops out While the person was driving causing an injury to a person close by, public liability would protect you from a lawsuit as a result of the accidental damage.
The good thing about insurance that you don't have to get the highest level cover to be protected. You can opt to pay lower premiums which means that if you have an accident you may have to pay an excess. This means that the insurance pay a bulk amount if you were to get into one of these situations.
Which ever option you go with whether it be a full level or partial level, you will need to speak to a public liability insurance broker to get the right coverage for your business.
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