If you’ve found your way to this page, chances are you’re looking for the cheapest tradesman insurance you can get!

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Yes we all want to save money on our insurance, but before you go choosing the cheapest cover there are a couple of things to consider.

RooferNeed or Want?

There are two types of tradesmen who come looking for insurance, those who just need cover to get onto the worksite, and those who actually want insurance due to the protection it offers.

Generally speaking, it is the people who just need cover to get onto the worksite who are looking for the cheapest cover, rather than the most suitable cover.

There is nothing wrong with this, and we won’t judge you for wanting cheap insurance! But if you are going down this path, you need to know what you’re getting yourself into.

Know What You’re Getting!

If you want the cheapest insurance for tradesmen you just need to make sure that the cover is still suitable for you.

You could take out any old cheap insurance policy, but if it’s not suitable for you then you’re just wasting your money anyway.

You could still go ahead and get a certificate of currency, but you could find yourself in strife when you need to make a claim and find that your policy wasn’t good enough.

It’s better to get the cheapest policy that still meets your needs, rather than getting the cheapest policy full stop.

Risks with Cheap Insurance

It’s all good and well for us to say that you should be careful when looking for the cheapest tradesmen insurance, but what are the real risks with taking a dirt cheap insurance policy?

Public Liability

Generally speaking you will be fairly safe with public liability insurance provided that you stick with the reputable insurance companies.

Public liability is a fairly standard form of cover, and all policies are going to cover you for similar types of risks including property damage and personal injury.

The main risk here is taking out a cheap policy that doesn’t properly cover your business activities. For example some of the cheaper policies won’t cover a painter for overspray, so you could be left out of pocket if you try to claim for that type of event.

Income Protection

Income protection policies can differ hugely from one insurer to the next. Not only that, but there are also different types of income protection insurance available under different names.

Many insurance brokers will try to sell policies known as ‘accident and illness insurance’. Whilst these policies are better than having no cover, they are generally considered to be inferior to proper income protection policies.

For example with some proper income protection policies (depending on the options you select) you can claim after just a few days, but with a cheaper policy you may have to be virtually bedridden for thirty days before claiming, and even then you won’t receive any money for another month.

When considering income protection insurance it’s best to speak with a qualified financial adviser. A good policy doesn’t have to be expensive, but it probably won’t be the cheapest policy you receive a quote on.

Tool Insurance

The differences in tool insurance are much easier to identify than for income protection, but they can be just as serious.

Tool insurance isn’t tool insurance, and there are various levels of cover available for tradesmen. Whilst the differences are easy to pick for insurance specialists, the insurance companies don’t make it so obvious for the average person.

Most tradesmen take out tool insurance to protect their tools from theft, and this is one of the biggest areas where the covers can differ.

Some tool insurance policies cover theft from virtually any location, whilst other policies only cover cases where forced entry has been used to access the tools. This is a major difference for people who leave equipment unsecured on the worksite or in the back of their ute.

Worryingly, some tool insurance policies don’t actually cover theft at all, and this isn’t always made clear to the tradies who are taking out the cover. The first they may know of this is when they go to make a claim and are knocked back.

By all means take out a cheap insurance policy, but be careful that you don’t take out one of these cheap tradesman policies that don’t cover theft of your tools.

Getting the Cheapest Quotes

The best way to get the cheapest tradesman insurance quotes is to use an insurance broker or adviser who specialises in the trades industry.

An insurance adviser who specialises in your industry will know which insurance companies offer the cheapest cover for your trade, and will also know which policies are still going to look after you when you need to make a claim.

If you’d like a quote on your insurance needs, regardless of whether you want the cheapest policy or the most comprehensive policy, complete our tradesman insurance quote request or get in touch with us to speak with a trade insurance specialist.