Trades/Mobile Business Insurance

The Main Risk for "Tradies" is their Public Liability exposure and secondly, their General Property (Tools of Trade) risks. Some occupations such as Electricians have even more requirements if they are working in Queensland

However, a Tradesman may not just be working from home. They may have a depot with office staff or perhaps a workshop in an Industrial area, so need to cover themselves for Fire and other perils (such as Storm, Vandalism, Flood), Burglary, Glass or Machinery Breakdown. A Trades Pack policy may be needed for adequate protection

They may also have commercial vehicles and trailers to carry their tools of trade around in. These could be big vehicles or mobile plant and equipment, depending on their vocation.

They may be in the Construction game and find themselves responsible for the Contract Works exposure. That is Fire and other perils at the work site as well as the liability risk for the unfinished work.

It all depends on what your activities are and how you operate and at CPR Insurance Services, we can assist in determining all your Insurance needs and Risk Management requirements. So call us now if you need help!

CPR Insurance - Experts who will save you!

Click here for more about these sections of a Trades Package policy

Click here if you want to look at any of the Insurers policy Wordings

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D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

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75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

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• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

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