Small Business Insurance for the building trade


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Small Business Insurance for the building trade

Small business insurance for tradies can minimise the financial impact of stolen tools and cover your business in case of third party injury and property damage.

As a professionally qualified and licensed tradesperson, you are well aware that things can go wrong in the workplace. By taking out small business insurance for trades, you can minimise the financial loss suffered from stolen or damaged tools and cover your business in case of third party injury and property damage. We take a closer look at how businesses in the building trade can benefit from small business insurance.

Building trade in Australia

Growth in the Australian building market over the last 13 years has been strong, with increases in both housing and commercial construction. Construction in Australia was worth $305 billion in 2011-12 with house construction alone worth over $55 billion. Other residential building work was worth just under $14 billion, and non-residential building work generated over $73 billion. Income from renovations and maintenance added up to over $3 billioni.

There were about 205,000 small businesses involved in construction in 2011-12, employing 590,000 peopleii. Over the same period, small construction businesses accounted for 97.7% of all construction businesses, making up the largest share (49%) of total construction incomeiii.

Personal Accident cover for yourself and a select employee can help protect your business from loss of income from an injury.

Insurance can help

For people working in the building trade, such as builders, plumbers, electricians, or carpenters, just as important as adhering to building standards from the Building Code of Australia is making sure that you protect your business financially. A part of that protection is buying and maintaining the right level and types of insurance cover.

Appropriate small business cover can compensate your business financially from an accidental loss of tools and equipment. It can also provide protection for third party property damage or injury to others in the course of your work. For example, your business may be liable if a site visitor suffers an injury. Without public liability cover, which can financially compensate third parties for death or injury and loss or damage of property, you may find yourself unable to afford the expenses incurred. You may also be liable if the work you do has a flaw, as this falls under product liability. These problems can lead to significant financial difficulties.

Your business can also be protected from losses due to business interruption - helping you keep things going until your business can get operational again. You can even add Personal Accident cover for select employees, protecting from partial loss of income from an injury.

Taking out an appropriate level of small business insurance cover is essential when you work in the building trade, as the financial consequences of unforeseen events can be severe. Ensure that your business can survive the unexpected and get a quote from Allianz today.


i Australian Bureau of Statistics, 2013, Private Sector Construction Industry, viewed 18 October 2013,
http://www.ausstats.abs.gov.au/ausstats/subscriber.nsf/0/9798157B9BCEDB58CA257B960014FEBA/$File/87720_2011-12.pdf
, p.8

ii Australian Bureau of Statistics, 2013, Private Sector Construction Industry, viewed 18 October 2013,
http://www.ausstats.abs.gov.au/ausstats/subscriber.nsf/0/9798157B9BCEDB58CA257B960014FEBA/$File/87720_2011-12.pdf
, p.10

iii Australian Bureau of Statistics, 2013, Private Sector Construction Industry, viewed 18 October 2013,
http://www.ausstats.abs.gov.au/ausstats/subscriber.nsf/0/9798157B9BCEDB58CA257B960014FEBA/$File/87720_2011-12.pdf
, p.4