Electrician Insurance

There are two different times that a tradie will be comparing insurance quotes.

The first is when you’re taking out a policy for the first time, and the second is when your policy is up for renewal.

When comparing tradies insurance policies at renewal time, what do you need to look out for?  In this guide we’ll take a look.

Apples with apples

The first thing we cannot stress enough is to ensure you are comparing apples with apples.

This goes for the product, the service and what you’ve told the insurer about your business.

We’ll break these down separately…


Ultimately you’re paying for an insurance policy, and this is the product.

If you’re comparing your current insurance with a new policy you need to ensure the new policy offers the same level of cover.

For example you may find another cheaper policy, but if the new one offers a reduced level of cover, well that’s the reason that it’s cheaper!

You may be happy to spend a little less for a lower level of cover, but keep in mind that you’re not going to be as protected.

The problem for most tradies though (and the same applies to most small business owners) is that it’s very difficult to actually know if the new policy provides the same protection.

You can read the PDS (Product Disclosure Statement) for each policy, but let’s be honest, these are pretty difficult to decipher for anyone who’s not an expert on insurance.

Your best bet here is to deal with an insurance broker.  They’ll be able to compare different quotes for you at renewal time, whilst also being able to explain any differences in cover.


Some tradies are happy to sacrifice service to save a few dollars.

After all, how many times do you need to speak with your insurance company or insurance broker each year?

Well that’s a fair point, but we bet your attitude will completely change in the event of a claim.

This is when the value of having a really good broker will really become apparent.

So you might find cheaper options at renewal time, but make sure you check out their service levels before you go switching.

There is currently one insurance firm out there specialising in tradies, and they won’t give out a contact phone number unless you have lodged a claim!

We know from experience that sometimes you need to be able to jump on the phone and speak with a specialist to get something done.

Painters Insurance

Let’s say you’re an electrician and you have a standard public liability policy.  It’s Friday and you’ve just picked up a job starting on Monday working at the airport.

Your standard policy isn’t going to cover work at an airport, so you need to sort out suitable cover straight away.

Do you want to be sending emails back and forward, or maybe speaking to a call centre operator somewhere?

We think you’d prefer to call directly through to your broker who will know how to get the cover you need and your certificate quick smart.

So before you go switching your insurance to save $30 a year, make sure your new provider is going to be looking after you properly.

Your information

The information you provide can have a huge impact on the cost when comparing your renewal premium with new quotes.

For example you may have had a higher turnover, higher staff numbers or been undertaking higher risk activities when your previous insurance was taken out.

Unless you’ve told you broker that your business has changed, your renewal premium will be based on those same factors.

So if you get new quotes based on your new information, you’ll find that the new quotes are way cheaper.

You might think your old broker was ripping you off, but it’s not that at all.  It’s just they still think you still have high turnover or high risk business activities etc.

So another important tip when comparing tradies insurance quotes at renewal time is to make sure the information used for the new quotes is the same as the information used for your renewal.

Using a broker

All of this can be made much easier by using a specialist tradesman insurance broker.

A broker who specialises in the trades will know the market and will know your trade, and they’ll be able to ensure you’re always getting a great deal at renewal time.

You just need to make sure your broker is always up to date with what’s going on in your business to ensure your current cover and next renewal are right for your needs.

To finish up here are our top tips when shopping around for quotes at renewal time:

  • Make sure you’re comparing equivalent products and levels of cover
  • Make sure both insurance providers are offering similar service levels
  • Provide your existing broker with the correct information to process your renewal

If you follow these tips you’ll go a long way towards getting a great deal on your trade insurance needs at each renewal.