How Tradies Can Save Today on Insurance Premiums!
Finances are usually one of the biggest issues that keep us awake at night, and for tradies the reality is that budgeting can be difficult when there are so many expenses to juggle. Insurance is a necessity as it covers you financially if anything goes wrong but the premiums are an additional expense you need to consider. The worst thing you can do is forget about insurance completely as this could cost you thousands when it comes to a claim but there are steps you can take to keep your insurance premiums low.
Simple strategies for lower premiums for tradies include
- Increase excess – One easy way to reduce your premiums is to increase the amount of excess you pay when making a claim. Remember to ensure that your excess remains affordable and won’t put you under stress if you do need to claim.
- Longer waiting periods – Another way to keep your premiums low is to opt for a longer waiting period before you can make a claim. For example, if you have Personal Accident and Illness Cover in place, you may opt for a longer waiting period before you start receiving payments if you know you could afford to be off work for a few weeks without receiving additional income.
- Advise of changes – Don’t just take out an insurance policy and forget about it. Always take the time to let your insurer know of any changes as this could reduce the cost of your insurance. For example, you may have changed to a less risky job which may have an impact on the cost of your Public Liability Insurance.
- Review sums insured – Have a look at the amount of money you’re insured for on each policy. If the amount is excessive or your situation has changed, letting your insurer know may impact on your premiums.
Don’t leave yourself open
While there are strategies you can use to reduce premiums, some people go to the other extreme and strip back their insurance to the bare minimum. This might save some money in the short term but in the long term it means that you only have minimal cover which means your insurer may not cover you for certain things when it comes to a claim. A claim can cost hundreds, or even thousands, of dollars so it’s important to retain the right level of insurance to cover your areas of risk.
When it comes to insurance for tradies, it’s important to choose someone who knows your area well.
If you’re unsure about getting the right balance between low premiums and optimal cover, have a chat to your insurance broker.