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As a painter or decorator, you know there’s far more involved than just slapping on a coat of paint. The preparation of an area to paint can take far longer than the painting itself. Having the right business insurance is just as important as having the right gear to get a painting job done quickly and efficiently.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your painting business and the insurance you need, and within minutes you’ll have multiple quotes from a range of respected insurers to compare. Use our quick and easy comparison service to consider different offers in one place for your painting business today.
There are several types of business insurance you should consider if you are a painter. These include:
Public liability insurance
Public liability insurance is the most important type of insurance for all painters, painting contractors and decorators. It is also compulsory for all tradies and handymen on most building sites in Australia.
Public liability can cover you against claims that you or your work caused injury to a member of the public or damaged their property. This insurance is available for amounts between $5 million and $20 million, depending on your personal requirements and the size of the painting jobs you’re undertaking.
What it covers:
General business insurance
General business insurance may also be worthwhile to protect your tools and portable equipment (such as generators and drying fans, for example). Business assets insurance includes protection for your portable equipment and is typically offered as part of a business insurance package. Such insurance packages can offer a variety of types of cover bundled together into one simple policy. For example, you can get public liability and business theft insurance in one insurance bundle.
Commercial vehicles aren’t included in a business insurance package, however, so you may need separate commercial vehicle protection for your work ute.
What it covers:
Professional indemnity insurance
Professional indemnity insurance is another form of cover you may wish to consider as a painter or decorator, depending on the type of work you undertake and your business structure. It can cover you against claims that the advice, recommendations or service you provided were either wrong or negligent. This type of liability insurance can offer you protection against many types of claims, including:
Cover starts at $250,000 and can go up to $10 million or more depending on your individual needs.
What it covers:
Personal accident and illness insurance
Since you rely on your physical fitness to be able to do your job, taking care of your health should be a high priority for all people who earn a living working with their hands. Accident and sickness insurance can provide cover for you if you become sick and are unable to work, with a weekly replacement income available if you can’t work as a result of an accident or injury.
What it covers:
Optional extras can include:
What isn’t covered under my general business insurance?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Therefore, the cost of business insurance for one painter whose business is based in Sydney may be similar to the costs faced by another in Victoria.
You can find out how much business insurance will cost by comparing quotes right here with Savvy. Whether you need insurance for yourself as a painter or for your painting contracting business, you’ll be able to compare a wide range of policy options right here.
You likely worked hard as an apprentice and, in the years following, built up your skills and experience as a qualified painter. You may have started your own business, and spent years building up a good reputation and a loyal customer base. Therefore, it’s natural to want to protect your business and your reputation if things go wrong. Public liability insurance is there to offer you protection and the peace of mind that comes with knowing you’re insured if a covered event does happen.
Most small to medium-sized businesses have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe. For example, if your work ute was stolen with all your painting tools in it, you could find yourself unable to earn an income until you had the money to replace them. If this happens and is covered by the necessary insurance policy, you’ll have a much better chance of recovering and getting back on your feet quickly.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
