Are you ready to save money on your Tradie Insurances?
Making savings in your business can be done by reducing the costs of your current expenses, and let’s face it, one of these can be insurance. By shopping around and making sure you have the right cover for what you need, you can make massive savings on this necessary business expense.
1. Make sure you have the right insurance cover for your trade business
Your first point of call should be to re-asses your current cover. Assess your needs right now, ask yourself if they have changed or will change. Many tool or public liability policies will be similar in coverage; however the costs will depend mostly on what information you have given your insurer or broker when you first purchased it.
Check your business description on the policy and see if you might be charged for services which you are not providing. For example you might be a tradesman that only works on residential properties and you are being charged for all work including commercial or industrial jobs unnecessarily.
When you check your policy you will be seeing if you can save money, but you may also come across other mistakes which can cause problems when it is time to claim. Therefore it is best to check with your insurance broker who will know specifics about insurance in your industry. They can assess your needs and check them against your current policy.
Saving money on your insurance should never come at the expense of going with a poor cover or poor insurer.
2. Find the right insurance company and coverage for your trade business
Shopping around is a technique we commonly use for everything, so why not apply it to your tradie tool & public liability insurance, after all – it can deliver you massive savings.
Insurance companies all have different charges and premiums for their insurance policies and the difference in premiums can be hundreds or thousands of dollars. Where there is a massive difference you will need to compare the policies in detail to make sure the cover is right for you. Do not become under-insured for the sake of a few hundred dollars.
You can shop around by comparing the quotes you get from insurance companies and cross-referencing the policies. Most business however, prefer the service of an insurance broker as:
- They will be able to check against multiple insurers in a shorter space of time
- They know the policies well
- Can get the best deal for you, and
- Make sure your coverage is correct so come claim-time you are not under-insured.
3. Get your tradie insurances for the right amount
The third point to consider in saving yourself money is checking if your business is insured for the right amount. You can get tradesmen public liability insurance in amounts of $5, $10, or $20 million, and the amount you choose depends on your business and your needs.
You can evaluate your company and see that it may only need public liability insurance for $5million, whilst you are currently insured for $10million. This difference can save you thousands. It is however, vital to make sure you only need this coverage and no more, and a broker will be able to help you decide on this.
If you want to start looking for a better deal and save on your tradie tool or public liability insurance, you have the option of doing it yourself or enlisting the help of an insurance broker.
There is nothing holding you back from taking the leap yourself, however keep in mind it will take lots of time, many phone calls, and a very good understanding of the public liability insurance process and policies.
Most experts will agree however, that using a professional insurance broker is the better option due to the unique knowledge and understanding of the topic.
If you need any help with saving money on your tradesmen public liability insurance do not hesitate to contact our friends at All Trades Cover and they will be more than happy to take the time to advise you on quotes and information for your trade business. If done properly, you can easily drop the expenses for your trades public liability insurance and increase the level of coverage.
The information provided in this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.