No matter which trade you are working in, all business owners face a range of risks that can impact you bottom line. Getting caught without the right level of cover will give you a big headache and can leave you out of pocket, with the cost of underinsurance often running into the tens of thousands of dollars.
For trades people, the risks are particularly relevant. Working on site raises a number of different challenges for your business, largely depending on your area of work and the specific issues your business is facing. Your trades insurance will need to account for a range of potential issues that can arise on a project, from a loss of tools and machinery, to employee compensation and income protection.
Without protecting against these events, your company will be liable for big costs in the event something goes wrong, which is always a possibility on a busy construction site.
Tradesman insurance a complicated undertaking
While trades insurance is essential for any business looking to minimise its vulnerability to possible risks on site, these policies can also be difficult to get right, especially without the proper advice.
Business cover is one of the most complex insurance products, with a huge array of options. The sheer number of potential policies can create a minefield for any company to navigate.
Your average trades insurance policy will usually consist of approximately ten optional sections to get the right protection for your firm. Each of these sections contains various options and extensions to further adjust your levels of business cover. With every provider offering their own policy, these documents can easily be 100 pages long.
What’s more, these options can be customised based on the needs of your company and the specific challenges you face, but knowing which policies you need can be a nightmare for trades people.
With so much complexity within different policy documents, business owners can find it difficult to compare different products and ensure they have the best tradesman insurance policy for their specific requirements.
How can Trades Insurance help?
Faced with so many choices, your best option is to talk to a specialised insurance broker who can advise you on the right levels of tradesman insurance for your company and help you access the right policy to cover your needs.
Getting your trades insurance policy through Trades Insurance can make big difference to the risks faced by your company. No matter which trade you work in, we will have the experience necessary to make sure you get the best options for your company.
By choosing an insurance policy designed specifically for tradies, you can be sure that the level of cover you receive is right for your business. This will take into account a number of different areas, such as your company’s risk tolerance, the nature and size of your company and the location you work in.
As an insurance broker, Trades Insurance can make sure you have access to a range of policy providers. We have a panel of 59 different companies which we work with, ranging from Australian firms to some of the biggest international insurers like Lloyds of London.
If you want a quote for your business then all you need to do is apply online or give our team a call to get your policy with us started.