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Product liability insurance

Understanding Product Liability Insurance for Tradies

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As a tradie, are you at risk?

If you work as a tradie, it’s important to have Public Liability Insurance in place. This is also one of the most well-known types of insurance. But what about Product Liability Insurance and why would it apply when you’re not actually manufacturing any products? For a lot of tradies, this is also an essential form of cover and for this reason it’s good to find out more about the definition of Product Liability Insurance and what it does for you.

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Top 3 Tips for Tradies! How to Get Paid Quickly by Customers

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Terms and Conditions of Trade, contracts, tips and more

As someone who speaks to tradies regularly I bet I can guess what the worst part of your week is…. Having to chase up your outstanding accounts. It can be a time consuming and pointless exercise where you end up feeling frustrated and powerless right?

The good news is that if you don’t like the hassle of chasing bad debts there is some light at the end of the tunnel. Implement these three tips and get on with what you do best – making money, not chasing it!

1. Put a contract (Terms and Conditions of Trade) in place and get it signed by both parties

The number 1 reason tradies have trouble when chasing their debts is from doing business on a handshake. The days of the old handshake are, regrettably, long-gone. By putting in place a set of Terms and Conditions of Trade that sit on the back of your quote, for example, you have a legally binding contract that you can fall back on if things go pear-shaped. The Terms and Conditions of Trade contract should set out the rules of doing business with you and the consequences (your leverage) if the rules are broken – ie. Your client doesn’t pay. You need to think of your business as a bank, start acting like one. It’s amazing how quickly you will become a priority to pay.

2. Get  job variations agreed to in writing

The main cause of disputes for tradies happens when the client or their partner asks you to do additional work to the original quote. Feeling they need to maintain the “goodwill” status quo the tradie proceeds to carry out the extra work on a verbal authorisation. When the client gets the invoice for the additional work it turns into a “he said-she said” argument on what was and wasn’t authorised and what was included and excluded from the original quote. A paper trail is always best!

3. The early bird gets the worm

If you have a debtor who is refusing to pay, after having sent the invoice and a friendly reminder, you need to escalate quickly. The quicker you take action, the more likely you are to get paid. Point out a reasonable time frame and deadline to your debtor for payment and the consequences if they fail to meet the deadline. If and when the deadline expires you need to act immediately and escalate to a debt collection agency.

As a tradie in business, if you can stick to this formula, you will be able to watch your cash flow grow and your free time return.

Need Help In Growing Your Trade Business?

Contact us at Tradebusters for a FREE Tradie Help Consultation. We have specialist solutions for trades including Website Design, Local Area Lead Generation Strategies, Social Media and Marketing Support, Business Coaching and more. Contact us today.

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Tradesmen Insurances – Are You Sure You Are Protected?

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“I’m OK, I have insurance in my Super fund”

This is something really common that I hear from tradies. Most of you probably have a Super fund account with CBUS or something similar. It is great that these super funds provide some insurance inside super but I’m worried about 3 key areas: Read more

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Tips for Running a Successful Trade Business

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Are you a tradie in business? Check out our tips!

As a leading tradesmen service provider, Tradebusters works with hundreds of trade businesses across Australia, connecting them with homeowners for all home repair and renovation jobs.

We also power a Top 3 Local Choice business directory called Tradebusters ® Connect, where we help lift the profile of a range business owners including tradies, finance and real estate professionals.

We share below our tips to help other tradespeople succeed in business. Some of these were published in the Sydney Morning Herald- My Small Business Section on 20 August 2013.

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3 Ways An Insurance Broker Helps Tradies

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Securing Your Business Future

Insurance protection is critical for any business. It protects you from the risks associated with operating your business.

As easy as it may sound, finding the right insurance policy can also be very complex.

Here are some tips on how to get the best coverage for your tradie business and more importantly, understand how a good insurance broker can help you.

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Top Five Reasons To Get Public Liability Insurance before Stepping On Site

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Why Public Liability Insurance is Important

Tradies and contractors would all agree that working on site can be hazardous at times – there’s always a lot going on and sometimes things do go wrong. Of course you need to insure yourself and your employees but if anyone else comes to harm as a result of the day-to-day running of your business, public liability insurance protects you, your business and your personal assets.

No one likes to think about the worse case scenario but public liability insurance gives you peace of mind, and for some tradies it’s a mandatory requirement. If you’re not sure, we’ve put together our top five reasons why you should get public liability insurance before stepping on site:
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What Insurance Are Mandatory For Tradies?

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Learning More About Tradie Insurance Options

There are many different types of insurance options out there for tradies. The skill lays in sifting through what is going to be relevant to your business and what is not. It’s also important to know what is going to be mandatory for you as a tradie as what is optional. Here are the mandatory insurances you might need.
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Tradies Public Liability Insurances- How Much Do I Need?

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Why is Public Liability Insurance so Essential For Tradies?

Because it’s the only insurance that protects you for damage to property or injury to a person if you’re found liable following a claim.  It will also cover legal costs if you need to hire a lawyer following a claim.  One of the most common questions tradies have is how much cover you need with Public Liability Insurance and we’re here to give you the lowdown.
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Public Liability Insurance for tradies across Australia

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The peace of mind insurance for tradies

Public Liability Insurance is one of the most important forms of insurance for tradies and is one of the most widely used forms of insurance in the industry. It protects tradies against property damage or personal injury that has occurred as a result of their actions at work. If you’re found financially liable for damages, you could find yourself in a situation where you’re required to pay huge amounts of money to cover any costs.

Even if you’re very careful, the unexpected can happen and Public Liability Insurance gives you peace of mind that you’ll be protected.

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Tradies Sickness and Accident Insurance – Income Protection and Illness Cover

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Insurance Brokers Sydney: Do you need illness and income protection insurance?

We all tend to do what we can to protect ourselves and our families from the unexpected, but often times insurance is a forgotten element of enjoying that kind of peace of mind.  That’s why it’s important to have get tradies sickness and accident insurance.

These modern times present us with many unknowns that make us feel uncertain about our futures. It’s only natural to feel that way. What would you do today if an unforeseen accident happened? How would your family live the quality of life they have become accustomed to? How would your being gone affect your family?

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