Four insurance covers essential for hose doctors
Hose doctors have unique risks and exposures. The key areas that trades people in the hydraulic hose industry need to consider with business insurance are summarised below.
Public and Products Liability Insurance
Two covers (often packaged together), that are essential to any business. This insurance provides cover to you and your business against the financial risk of being found liable to a third party for death/injury, or property loss/damage, resulting from your negligence, and in connection with your business. Public liability is your protection against any claim lodged by a third party and covers expenses, costs and damages awarded to the third party. Products liability covers your liability for any product that you manufacture, sell, supply or distribute that results in injury, death or damage.
All businesses no matter how large or small should have Public and Products Liability cover.
Regardless of the type of work being performed there will always be a liability exposure involved. Whether the business is a sole trader, a small company with less than 5 employees or a large organization, that company or person will be open to litigation for their perceived negligence that results in personal injury or property damage to third parties.
Public and Products Liability is a very complex area of general insurance, with many exclusions, extensions, options and variations in cover. For this reason you should obtain professional advice prior to selecting a cover to meet your needs.
Tools of Trade Insurance
A Tools of Trade Insurance policy provides cover if your portable tools or stock are stolen from a vehicle or locked worksite (ie. Crimping machine). It can also be extended to cover electronic items such as laptops, tablets and mobile phones and can also be upgraded to settle claims on replacement value rather than indemnity value.
Personal Accident and Illness Insurance
As a franchisee, personal accident and illness insurance is critical to ensuring your income isn’t disrupted due to you getting sick or injured. Personal accident and illness policies can be extended to not only cover your taxable income, but to include your fixed business expenses, such as car loans. The policy provides you with peace of mind that your valuable income is protected and your financial commitments are able to be upheld for up to 5 years in the event of a claim.
Motor Vehicle Insurance
As a hose doctor, your vehicles are essential to the operation of your business. You may use different types of vehicles for different purposes, which require different inclusions when it comes to insurance - such as coverage for racking, custom fitouts and shelving.
An important consideration when choosing a motor vehicle insurance policy is the advantages of having any claims handled for you by an experienced claims manager. This can save you valuable time and simplify the claims process.
AB Phillips can provide competitive and tailored cover across all four of these areas. We also provide a full claims management service to all our clients. Our premiums are competitive, our service is exemplary, and our expertise and experience speak for themselves.
Plus, our policies have been developed in consultation with ENZED and adhere to the required terms of the ENZED Franchisee agreement. So not only do we provide great insurance cover, but it is recommended and endorsed by the ENZED network.
Introducing Rob Saunders, ENZED Insurance expert
Rob has been working with the ENZED network for more than 14 years and holds an Advanced Diploma in Insurance Broking. He has an excellent relationship with ENZED and is extremely enthusiastic about servicing their network. His years of experience working directly with ENZED franchisees and service centres has enabled him to fully understand the ENZED risk profile and tailor general insurance products accordingly.
His personal interests include all sports (especially footy and motorsport), camping, fishing, waterskiiing and taking his two dogs to the beach. He is a genuinely nice guy and has great relationships with his clients – we think you’ll find him easy to chat to regarding your insurances (and possibly lots of other things as well!)
Give Rob a call on 0409 250 820 or email him on robs@abphillips.com.au
The information provided in this article is factual information only and not intended to be advice about which financial products are suitable for your circumstances. Before you make any decisions about whether to acquire an insurance product we recommend you obtain advice by contacting an AB Phillips risk adviser.