Trade Insurance
A trade insurance pack can cover you for a number of different risks, all bundled into the one affordable policy.
Why pay for a number of different policies with different insurers when you can get your public liability, income protection and more all in the one place?
What is Trade Insurance?
Trade insurance isn’t a type of cover itself, but is more of a general term to describe an insurance package that includes various types of trade insurance including public liability insurance, income protection insurance and tool insurance.
Other less common forms of trade insurance include business expense cover and business interruption insurance. These will generally be more beneficial for larger trade businesses.
Each of the covers are designed to protect you, your business and your family from the financial impacts when things go wrong.
By having the right trade insurance package in place you can help to ensure that the big strong insurance company cops the brunt of any financial impact, rather than having to take it all on yourself.
Trade Insurance Cost
The cost of your insurance will depend on the type of cover that you require along with the type of trade which you work in. The size of your business can also have an impact.
Trade insurance, as with all forms of insurance, is generally based on the potential risk that you pose to the insurance company.
If you work in a trade regarded to be lower risk you will be charged a lower premium, or if you operate in a trade regarded to be higher risk you will be charges a higher amount.
Larger trade businesses will also generally pay more for their insurances. This is because a larger business will be undertaking a greater amount of work, which leads to more potential claims.
The easiest way to find out the cost of your trade insurance is to speak with a tradesman insurance broker who will be able to provide you with multiple quotes and policy comparisons.
Taking Out Trade Insurance
You can take out a trade insurance policy or package in a number of different ways depending on your preference.
Most tradesmen use an insurance broker. The broker can not only obtain quotes, but can also make recommendations and help with the setup and claims processes.
Some tradesmen prefer to go direct to the insurance companies for their cover. This can sometimes be cheaper if you shop around enough, but this way you won’t get any professional recommendations or advice, and you will be on your own when it comes to lodging a claim.
Trade Insurance Australia
Trade insurance is available throughout Australia, and at Tradesman Insurance we have a network of insurance brokers and financial advisers throughout the country that can assist with your needs.
Whilst any insurance broker in Australia will be able to provide service and advice on trade insurance, we believe it is better to use an insurance broker who specialises in dealing with tradesmen and knows how to get them the best deal on their cover.
To obtain a quote on your trade insurance needs or just to have a chat with a specialist, please get in contact with us or complete our online quote request.
