As a fencing contractor there are a number of different forms of business insurance you should consider.
Public liability is comfortably the most common of these, but there are a few others, and in this guide we’ll run through what they cover and whether or not you need them.
We’ll also take a look at the costs involved in fencing contractors insurance, as we certainly understand the importance of saving money in a small business.
For anyone running a fencing business or working as a fencing contractor there are a variety of risks faced each and every day.
The major risk is that your work results in property damage or personal injury to another person.
There is also the risk of your tools and machinery being either stolen or damaged, leaving you out of pocket and unable to work for a period of time.
The other big risk is that you suffer an injury yourself, either at work or away from work, and are unable to work few a period of time.
Thankfully each of these risks can be protected against using the three forms of business insurance detailed below.
For anyone working in the trades and construction industries, public liability is far and away the most common form of business insurance.
This type of insurance will protect you and your business in the event that your work results in property damage or personal injury to another person.
A typical claim for property damage could involve a situation where a fence or wall you have built fails, and damages property (such as a nearby vehicle) as it falls over.
A typical claim for personal injury could involve a situation where you have dug a trench and left it unmarked, and a person then trips over and suffers a physical injury.
The cost of public liability insurance for a fencing contractor is relatively low, however the premiums will depend on the size of your business and the type of fencing you are doing.
As a fencer you’ll have plenty of equipment that is necessary for you to undertake your business.
If your wire spinner or winder was stolen or damaged, how much would cost to replace? What about your digging equipment?
Each of these items can be insured either through general property cover (tool insurance) or a dedicated mobile plant and machinery policy.
The various forms of property insurance can differ from one insurer to the next, with some only covering theft from a secure location, and other not covering items left on site overnight.
The cost of insuring your equipment will depend largely on how much equipment you have, but it is generally quite affordable considering the protection it provides.
Your best option for insuring your equipment is to speak with an insurance broker who can compare your options and make recommendations.
Of course here at https://www.publicliabilityinsurance.com.au we do have access to brokers who can assist in this way.
The last form of cover we’ll look at is income protection insurance.
Whilst it’s important to protect your fencing business, it’s also important to protect yourself and your family.
Income protection can replace up to 75% of your income for a period of time whilst you’re unable to work due to injury or illness.
A decent policy will cover you not only for injuries which are suffered on the job, but also for those which occur whilst undertaking other activities on the weekend or even whilst on holidays.
When taking out income protection it is recommended that you deal with a qualified financial adviser, and this is something that we can help you with.
If you’d like more information about fencing contractors insurance, or if you’re ready to go ahead and obtain some quotes on your cover, we are here to help.
You can call our office on 1300 542 245 or if you prefer the convenience of going online you can complete our quote request form.
Although no one likes to spend their hard earned money on insurance, investing in a good value policy is one of the best investments you could make in terms of protecting yourself, your business and your family.