Why do I need a Trades Insurance policy?
No matter which trade you are working in, all business owners face a range of risks that threaten to impact their bottom line. Getting caught without the right level of cover can cause big headaches and create unnecessary out of pocket expenses, with the cost of under insurance often running into the tens of thousands of dollars.
For tradies, the risks are particularly relevant. Working on site raises a number of different challenges for your business, largely depending on your area of work and the specific issues faced by your business. Your trades insurance will need to account for a range of potential issues that can arise on a project, from a loss of tools and machinery, to employee compensation and income protection.
Without protecting against these events, your company could be liable for big costs in the event something goes wrong.
Why do tradies need our help to find the right cover?
While trades insurance is essential for any business looking to minimise its vulnerability to possible risks on site, these policies can also be difficult to get right, especially without the proper advice.
Business cover is a complex insurance product, with a huge array of options. The sheer number of potential policies can create a minefield for any company to navigate.
Your average trades insurance policy will usually consist of a range of optional sections that need to be customised to get the right protection for your business. Each of these sections contains various options and extensions to further adjust your levels of business cover. With every provider offering their own policy, these documents can easily be up to 100 pages long.
What’s more, these options can be customised based on the needs of your company and the specific challenges you face, but knowing which policies you need can be a nightmare for tradies.
With so much variation and customisation available it is very dangerous to compare policies on price alone. Of course price is important but only when the required level of protection is been provided.
How can Trades Insurance help?
Faced with so many choices, your best option is to talk to a specialised insurance broker who can advise you on the right levels of tradesman insurance for your company and help you access the right policy to cover your needs.
We’ll take the time to understand what you do, so we can tell you insurance cover you need, rather than assuming. In this way, having Trades Insurance assist with your insurance policy can make a huge difference to the everyday risks your business is exposed to.
Regardless of your trade, we will have the experience necessary to make sure you get the best options for your company.
By choosing an insurance policy designed specifically for tradies, you can be sure that the level of cover you receive is relevant for your unique business needs, taking into account several factors including:
- Your company’s risk tolerance
- The nature and size of your company; and
- The location you work in.
As an insurance broker, Trades Insurance has access to a panel of 59 different insurance companies, ranging from Australian firms to some of the biggest international insurers like Lloyds of London, which means we can find a product that is matched to your unique needs, and provides you with the biggest benefit, at the most competitive price.
If you’d like a quote for your business then all you need to do is apply online or give our team a call to get your policy with us started.