We all want to save money in our businesses, and one of the easiest ways to save hundreds of dollars is by having the cheapest suitable insurance in place.

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Although here at Tradesman Insurance we believe in having comprehensive insurance in place to provide maximum protection, it’s a fact that many tradies simply want the cheapest policy. If that’s what you want, then we can help.

What is the minimum insurance that I need?

For most tradesmen the bare minimum insurance required will be a public liability policy, whilst some will also require income protection insurance.

We wouldn't want to insure this tradie!Whichever you require, there are cheap options to get you the cover you need to get onto the worksite.

Cheapest Public Liability Insurance

This type of insurance will cover you if your work results in property damage, personal injury or death to a member of the public.

The minimum level of public liability insurance is $5 million, and for most mainstream trades such as carpenters you should be able to obtain cover from as little as $38 per month depending on your annual turnover.

Cheapest Income Protection

Many tradies will also require income protection insurance before they are allowed onto the worksite. Income protection is a very powerful form of insurance, and there are options that range from a very basic policy through to very comprehensive cover.

Although we don’t necessarily recommend this, if you are simply looking for the cheapest income protection and do not care about the cover, your best bet will be to go with an accidental injury insurance policy.

An accidental injury policy will only cover you for absences from work due to injuries, and won’t provide any assistance if you cannot work due to illness.

The minimum and cheapest benefit period is two years, which means if you are unable to work you will continue to receive benefits for up to two years. You can also extend the waiting period to reduce your income protection cost. We don’t recommend it, but it is an option that we can help with.

Other Insurance

If you’re a tradesman who simply wants the bare minimum and cheapest insurance you probably won’t be interested in taking out any additional insurance options, but there are a couple that you should really consider and that can be taken out quite cheaply.

Cheapest Tool Insurance

Having your tools stolen is one of the most annoying things that can happen to any tradesman, and unfortunately the risk of this happening is quite high.

There are some fantastic tool insurance policies available, but if you are simply looking for the cheapest tool insurance there are some options we can help with.

The most basic tool insurance policy will simply cover your tools for fire damage or damage caused in a vehicle accident. This is pretty limited cover, but it is the cheapest in most cases!

Thankfully the premiums are generally not much more expensive to include theft cover, so we would strongly recommend including the theft option if it fits within your budget.

Getting Covered

One of the keys to getting your hands on the cheapest tradesman insurance is to use an insurance broker or adviser who is not going to hit you with additional service fees. You could avoid using a broker completely and go direct to the insurance companies, but then you might have difficulty finding the cheapest insurance companies that good brokers will know about.

At the end of the day, we will never recommend that you take out the cheapest tradesman insurance just because it’s the cheapest. If the policy doesn’t meet your needs and objectives then a so-called ‘cheap’ policy could be anything but when you need to make a claim.

Rather than taking out the cheapest insurance we recommend taking out an insurance package that provides the best value for money and meets your budget. The cheapest suitable insurance you could say.

If you still just want the bare minimum cheapest cover we can still help, or we can help you to find something that may cost a few dollars more and provide a lot more benefit. Either way, the easiest way to get started is to complete our online quote request.

For more information please feel free to contact us.


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