Make sure you have the right cover for your trade
A 5 point check for your tradies insurance
Every trade has risks specific to that trade. As a Tradie it is important to understand and reduce those risks, this may be as easy as putting up warning signs and insuring that you have the correct insurance cover. This is especially relative when it comes to your public liability insurance.
But before placing that cover you must look to see if there are occupation exclusions and endorsements that may exclude your potential claims, for instance, most lawn mowing & gardening policies will exclude tree lopping, for some concreter’s some insurers will exclude work on council footpath, and window cleaning may have a height limit.
Some policy will extend cover to your sub-contractors, with others they will increase the excess with claims involving your sub-contractors others will specifically exclude your sub-contractors.
Some insurers will target occupations with reduced premiums and extra trade-related included inclusions, like a motor trade extension for mechanics.
Some insurers base 50% of their insurance premium on the claims history of the occupation covered. So that could mean that the more expensive premium doesn’t mean a better level of cover.
Insurers are changing the way they accept claims with many now offering Online lodgements, others simply require an email with the details of the claim
Check trade related exclusions
Check you sub-contractors inclusion/exclusions
Compare insurers cover
Check your current premium
Know how to claim
If you are still unsure, speak to a specialist, get them to review your potential risks and possible mitigation.
Steve is a licensed insurance broker and marketer. He is an internet insurance pioneer in Australia.
Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.
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