How Much Does Tradesman Insurance Cost?
The cost of tradesman insurance will vary based on a number of different factors. In this guide we’ll take a look at them.
It’s important to know first up that tradesman insurance is not a single insurance policy. Instead it is a range of insurance covers designed to cover tradesmen for a range of different risks.
Some of the popular covers included in a tradesman insurance package include public liability, tool insurance and income protection.
In this guide we will take a look at the costs for some of the most common forms of insurance held by tradesmen here in Australia.
Public Liability Cost
Public liability is without doubt the most popular form of tradesman insurance. Its cost is based on a number of important factors including the type and size of your business.
The larger your business by revenue and staff numbers, and the more risky your trade is considered, the higher your premium will be.
For example a carpenter operating as a sole trader and working on residential projects could pay as little as $400 to $500 for $5 million cover.
On the other hand, a welding business with multiple staff and high revenue could pay many thousands of dollars for the same amount of cover.
Income Protection Cost
Out of all of the tradesman insurance types, the cost of income protection is the one with the highest number of variables.
The cost of your income protection insurance will vary based on your age, gender, trade, smoking status, waiting period, benefit period and the amount of cover you require.
A basic policy for a young tradesman could be as low as $40 per month, whilst a more comprehensive policy could cost anywhere from $100 per month through to $1,000 per month for someone requiring a high amount of cover.
Due to the complexities of income protection for tradesmen it is best to speak with a qualified financial adviser regarding your needs and the cost of your insurance.
Tool Insurance Cost
Tool insurance is fairly straightforward when it comes to pricing, with premiums generally based on the amount of cover you require and the location you live in.
But there is more to the story. Not all tool insurance policies are the same, and as the level of protection reduces so does the cost.
The most important part of tool insurance for most tradesmen is the cover for theft, however not all policies cover theft as standard. There is no point in choosing a cheap policy if it’s not going to provide the cover you need.
Tradesman Insurance Quotes
Working out how much your tradesman insurance will cost is not something that can be done without requesting quotes from an insurance company.
You can request quotes from most insurers directly, however most tradesmen choose to use insurance brokers who can do all the running around for them.
A specialist tradesman insurance broker will be able to assess your needs and obtain multiple quotes for you to choose from. They can also provide advice on which policies they believe are most suitable for you.
Here at Tradesman Insurance we have partnered with a number of insurance brokers and advisers who specialise in helping tradesmen with their insurance needs.
To find out how much your tradesman insurance will cost simply complete our online quote request and one of our insurance experts will contact you.
