Waterproofing is an important job where specific techniques are used to prevent water from entering building structures. For areas such as bathrooms, waterproofing is essential to prevent water damage. As a contractor who carries out waterproofing work, it’s important that you take the time to make sure you have insurance in place to cover your risk exposures. Today, we’ll be looking at the insurance cover you should consider for ongoing peace of mind.
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Public liability insurance
Public liability insurance is essential for waterproofing contractors and will provide financial cover if you cause damage to property or injury to a person as the result of your actions at work. It also covers the cost of legal bills if you need to hire a lawyer due to a liability claim. Accidents can happen onsite no matter how careful you are and all it can take is for you to damage client property while bringing equipment into a home or for a third party to trip on your equipment for you to find yourself at the receiving end of a liability claim.
Professional indemnity insurance
Professional indemnity insurance is an important consideration if you carry out waterproofing work as it protects you against the cost of a claim if a third party suffers a loss due to negligence. For waterproofing contactors, an indemnity claim could arise due to actions such as incorrectly carrying out waterproofing work, failing to meet the obligations of a contract, or providing misleading advice to a client.
Personal accident and illness insurance
As a self-employed contractor, you don’t have the same leave entitlements that employees have which means that your source of income will abruptly stop if you’re unable to work. With personal accident and illness insurance, you’ll continue to receive a percentage of your regular income if you find yourself unable to work due to injury or illness. These payments will continue for the duration of the benefit period, which is generally one or two years. With these ongoing payments, you’ll be able to keep up with expenses while you recover.
General property insurance
When you carry out waterproofing work, it involves the use of specialist tools and equipment which you’re often required to carry with you between different jobs. If something happens to these items, repairs and replacements can be very costly. To help cover these costs so you can get back to the job at hand more quickly, general property insurance will cover the cost of your transportable items if they’re lost, damaged or stolen. If you’re not sure whether this cover is worth it, take a moment to add up how much it would cost to replace all of the tools you carry with you – you’ll probably be surprised at how much it would cost!
Tax audit insurance
If you’re like most people, you’ve probably never considered tax audit insurance. No matter the size of your business, you could find yourself subject to an audit through the Australian Tax Office. This process can be both stressful and time consuming when you have to carry it out yourself and is expensive when you outsource it to a professional. With tax audit insurance, you’ll be reimbursed for the cost of hiring a professional, such as an accountant or lawyer, to complete the tax audit on your behalf. This takes the stress out and means you can be confident that the audit will be carried out quickly and efficiently.
Life insurance
Life insurance is a form of cover which should be considered by all contractors. In this scenario, you need to think about what would happen to your loved ones in the event of your death. Would money be an issue? Would they be left with considerable debt? Life insurance gives you a way to provide for your family after you’re gone by way of a lump sum payment which will be paid to your nominated beneficiaries in the event of your death. This money can be used however they see fit, whether it’s paying off the mortgage, clearing credit card debt or simply for daily living needs.
The cost of waterproofing insurance
The cost of your waterproofing insurance will vary according to your personal circumstances and will depend on factors such as the size of your business, the number of employees you have, prior claims history, annual income, the type of waterproofing work you carry out and the location of your work. All of these factors are considered to allow the insurer to gauge how high your risk is in relation to potential claims – the higher your risk, the more you’ll pay in premiums. Once you have insurance in place, remember to keep your insurer updated as to any changes in circumstances as you may need additional cover.Speak to the experts
If you’re not sure what level of insurance cover you need, it’s best to speak with insurance experts who understand the risks associated with being a contractor. You’re faced with a unique set of risks and the last thing you want is to discover too late that you have insufficient cover in place.
At Contractor Cover, we specialise in providing insurance to contractors across Australia. We have the necessary industry experience to understand the specific risks you face as a contractor and we’ve developed a convenient insurance package which contains all of the main insurance policies commonly required by contractors. Whether you require waterproofing insurance, or insurance for a huge range of other occupations, we can help.
For waterproofing contactors insurance, contact Contractor Cover today on 1300 438 268 or fill in our easy online enquiry form.