There are plenty of costs involved in working as a tradesman, and one of those costs is insurance.

Some forms of insurance are mandatory for tradesmen, whilst others are just optional. No matter which policies you need there are always ways to save money.

Have the Right Cover

The first step to saving money on your insurance is to have the right types of policies in place.

There are many different policies which come under the tradesman insurance banner, and each policy is designed with a specific risk in mind.

If you setup your insurance yourself or used a broker who does not specialise in trade insurance, there is always the possibility that you don’t have the right policies in place. Sure they may do the job, but you could be paying for extras that you don’t need.

Another common trap is being stuck with old policies that are no longer relevant. For example your business activities may have changed slightly since taking out the insurance, and you may now be entitled to a lower premium.

Electrician Insurance

You should have a trade insurance expert review your insurance package and determine whether or not you have the right policies in place for your specific needs and objectives.

Shop Around

The trade insurance industry is a competitive one, and there are plenty of insurance companies offering different premiums on their various policies.

Many of the insurance companies have different areas where they are more competitive. For example the cheapest trade insurance company for your electrician mate might not be the cheapest insurance company for you as a boilermaker.

It is important to shop around in order to find the best premiums for your trade insurance. Rather than ring around to all of the insurance companies yourself, the easiest option is generally to use an insurance broker who knows the market and can do the running around for you.

Insurance brokers have access to systems which allow them to obtain a range of different quotes very quickly, and often the premiums will be the same regardless of whether you use a broker or not.

Using a broker can be a great way to go, but make sure you use an insurance broker who specialises in insurance for tradesmen.


We shouldn’t even be covering this option, but it’s a fact that many tradesmen take this option with their insurance.

To self-insure simply means to not have any insurance. Basically you are making the decision that if something goes wrong, you will cover the costs rather than letting an insurance company cover the costs for you.

This is a risky strategy and can leave you out of pocket in the event of a minor claim, or financially ruined in the event of a major claim.

If you are planning on self-insuring, we would urge you to reconsider, especially when it comes to affordable covers such as public liability insurance and income protection. Self-insurance is something that you are strongly warned against.

Use a Specialist

The key to saving money on your insurance is to use an insurance broker who knows the trades industry well and can pinpoint the right types of cover that will meet your needs as well as your budget.

Here at Tradesman Insurance we would be happy to review your existing insurance to see if we can offer you a better deal and save you some money. To obtain a quote please give us a call or complete our online quote request.


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