Types of business insurance
Learn what different types of business insurance cover. Most trades and contractors use a combination of these, because each one covers a different risk.
Public liability insurance
Public liability insurance covers your legal liability if your business activities injure someone or damage property that isn't yours. For Australian trades and contractors it is usually the first policy a client, builder or site asks about, with limits of $5 million, $10 million or $20 million being the most common.
Tools and equipment insurance
Tools and equipment insurance, sometimes called general property or portable equipment cover, pays to repair or replace the tools your business uses if they are stolen, lost or accidentally damaged. For tradies the most common claim is theft from a ute, van or site, so the security conditions in the policy matter.
Commercial vehicle insurance
Commercial vehicle insurance covers utes, vans, trucks and other vehicles used mainly for business. It works like car insurance, with comprehensive or third-party options, but it is priced for business use, multiple drivers, signwriting, fit-outs and higher kilometres. CTP is separate and does not cover damage to vehicles or property.
Contract works insurance
Contract works insurance covers loss or damage to construction work while it is underway, including the structure, materials on site and often temporary works. Depending on the policy wording, it can cover events like fire, storm, theft, vandalism and accidental damage before handover. It is separate from public liability, which covers damage to other people's property.
Plant and equipment insurance
Plant and equipment insurance, also called mobile plant and machinery cover, protects machines such as excavators, loaders, skid steers, rollers, cranes and generators against damage, theft and fire. It can also include liability while the plant is working and cover for plant you hire in from others.
Personal accident and illness insurance
Personal accident and illness insurance pays a weekly benefit if you can't work because of injury or illness, and usually lump sums for serious injuries. It matters for sole traders and many working directors because workers compensation generally covers employees, not the business owner, so an injury can stop your income completely.
This page is general information only. It does not take into account your objectives, financial situation or needs, and it is not a recommendation to buy any insurance product. Always read the policy wording and, where applicable, the Product Disclosure Statement.
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