Proper Tradies Insurance that gives peace of mind and the cover you need
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Frequently Asked Questions (FAQ)
When people talk about Tradie Insurance, they often mean Public Liability Insurance. That however is a limited description of Tradies Insurance. In-fact, Tradies Insurance is just a general term for a bunch of insurances that are relevant for any Trades business. We have listed the common ones below:
– Public & Products Liability Insurance
– Tools & Property Insurance
– Commercial Vehicle Insurance (Vans, Utes, Trucks, Trailers etc.)
– Personal Injury Insurance
– Plant and Equipment Insurance (Excavators, BobCats etc.)
– Contract Works Insurance
This is a very tough question to answer, its like the old chicken and the egg conversation or maybe Its just like which finger on your hand is most important? Well, there might be one that is longer and stronger than others but collectively they all make a strong fist or a dexterous hand. A hand without a finger is less strong usually than one that’s intact.
We could spend days arguing about this topic and perhaps there’s not enough room in this section so if you would like a long answer to this question, please give us a call, we’d be happy to talk.
We understand how hard it can be to get standalone Insurance for Tradies Tools considering many of the large brokers don’t want to do it because they don’t make much money from it.
We do it and at CoverTradie we understand how important this insurance is for our Tradie mates. Give us a call to get yours sorted.What is Tradies Insurance Pack?
Again, just a fancy term large insurers have come up with to get all your insurances packed up in you guessed it, “A Pack”. If you needed 4 different types of insurances, a pack allows to “package” them together so you get 1 invoice instead of 4. It’s a convenience thing for you and the broker and a business volume thing for the insurer.
The problem with “Packs” is that whilst it creates the convenience of 1 invoice for the customer, it really benefits the brokers and the insurers more. At CoverTradie, we try to steer away from packs and educate our customers that they may be able to save more money if we placed different insurances with different insurers. Now that’s not to say that we don’t use packs, we do but only when it benefits the customer not when it benefits the insurer.
One of our handyman client asked us this question not long ago, worried if he needed this professional indemnity insurance. He works for property managers mostly fixing leaky tap washers and tightening door hinges and the obvious answer was, no, he doesn’t need it.
Short answer is that you need professional indemnity insurance when you are giving professional advise for example if you are professionally designing electrical services or you are an architect. Give us a call if you need to discuss this.
This one is a very subjective question. Is it best in terms of price, coverage or claims service. Where there is no variation in the policy coverage, obviously the lower the price the better it is for the customer. CoverTradie always finds you the cheapest deal unless there is serious service issues from the insurer perspective that we may have experienced.
Every broker will have a different experience with different insurers that why you often hear them say “This insurer pays the claims.” It is important to note though that all insurers have to abide by the rules set by AFCA for any disputes that arise, which means that if there is a dispute and the policy wording has to cover a claim, insurers can’t get away with it. As you broker, we act as the go between anyway. We keep them honest. That’s our job.
Trades and Construction have the highest rate of accidents out of all occupations in Australia which is why having the right insurance policy to protect your income is important should you get injured and are unable to work. You can get coverage for weekly and lumpsum benefits if you get injured or get sick. Read more about this here.
When making a financial product purchase, people often think whether they should make their insurance purchase online i.e. take the full responsibility yourself that you have made the correct purchase or purchase in consultation with someone like a Trades Insurance Broker.
The answer isn’t straight forward because it depends on a range of circumstances like the size and complexity of your business, your own understanding of financial products in this case General Insurance, your time availability – this has more to do from a headspace perspective.
If you are pretty switched on with the nuances of insurance and know exactly what you need covered, buying insurance can be cost effective. Make sure you know what the exclusions on your insurance are, this is very important for Public Liability Insurance Policies. For example: If you are a Plumber, there often is a height restrictions condition. If you don’t know what that means, then speaking to a Trades Insurance Broker might be a better way to go about because that can save a lot of financial pain down the road.
At CoverTradie, we have the clients best interest at our heart, 100% so would hunt down the best deal for you regardless. We suggest that whilst online purchase may be a cheaper option in the short run, a broker may still be able to find you a pretty compelling deal with full service so don’t discount it all together.
Tradesman Insurance Australia
Whilst this term is commonly used in the trades circle, did you know that there is no such thing as Tradesman Insurance.
It’s just a general term that is used to describe a group of insurances that are relevant to any trades based business.
Although we must say that many people are actually looking for Public Liability Insurance for Tradesmen when they are trying to do a tradesman insurance comparison.
CoverTradie’s definition of Tradesmen Insurance is broader than what most think.
We think Tradesmen should consider all the risks that are relevant to them and their insurance program should at least include the following:
- Public Liability Insurance
- Tool Insurance
- Income Protection Insurance
- Commercial Vehicle Insurance (Private use policies are no good)
Tradesman Liability Insurance is the most common insurance that we do. The purpose of this insurance is to protect your business against a financial disaster in case your work results in damage to someone’s property, an injury to someone or in worst case, someone’s death.
Most businesses and your customers would ask you to provide them with a certificate of insurance before they give you the job.
But that’s not really the reason why you should have it. You get it because it is the right thing to do and this insurance protects you from financial ruin.
Some Claim Examples:
Handyman: Handyman guru Joe was trying to remove window skirting to fix mould and water damage. The skirting was a little jammed, Joe has then tried to use a lever which was rested on a bench-top. The application of force has resulted in bench-top crack. The property owner wants that replaced. Public Liability policy comes in handy.
Landscaper: At a small landscape job, Shawn’s apprentice has graded the soil in such a way that every time it rains, the water gets in side the walls through the weep holes. The plaster on the inside has got damaged.
Plumber: Went to replace a dishwasher, dragged the old dishwasher out of the cavity and has scratched the timber flooring in the kitchen. Fussy owner demands $2,000 to replace it all.
Concreter: Won a council tender to re-do some cracked foot path. Done all the digging on day one ready to pour but hasn’t cordoned off the area properly to warn people of the uneven surface. An unsuspecting frail granny ends up twisting her ankle and her aggressive son comes to have a chat to you demand damages.
There are tons and tons of examples where people have had to rely on their public liability insurance.
It all depends on what your occupation is and the risks that are relevant to you. Your example of a claim may be totally different to someone else’s occupation.
Cost of Tradesmen Public Liability Insurance
On any given day, we have to compare tradesman insurance multiple times as we try to find the right insurance for our clients.
It is amazing to observe the difference in the premiums that insurers quote for different occupations. Not only that it is also very interesting to observe how the price varies for one occupation between different insurers.
Every insurer has their target occupations that they prefer and like to insure. They tend to have very sharp pricing along with lesser exclusions.
As specialist Tradesman Insurance Brokers, if we weren’t keeping a lookout for the insurance policies that gave our clients the max bang for their buck, we wouldn’t be doing our job properly.
So give below is some insights into what you can expect as you try to do a tradesman insurance comparison, hopefully with us on the case or even if you are doing it yourself.
Tradesman Insurance Cost
The table below shows Tradesman Insurance Cost for common trades in Australia. Prices for 12 months insurance cover applicable to a small trades business with turnover of $100,000 with public liability limit of $5 Million.
|Occupation||Good Deal||Average||RipOff Premium|
|Handyman||$ 369||$ 501||$ 748|
|Carpenter||$ 383||$ 508||$ 787|
|Electrician||$ 411||$ 618||$ 1,251|
|Landscaper||$ 418||$ 552||$ 937|
|Concreter||$ 480||$ 699||$ 1,171|
|Plumber||$ 604||$ 1,036||$ 2,118|
Of the common trades, Plumbers and Concreters tend to pay a lot for their insurance.
As specialist Tradesman Insurance Brokers, we can help you find the right insurance cover at a price that helps you grow not hinder your progress.
Tradesman Tool Insurance
Tool Insurance for Tradesmen is a must, there’s plenty of cases where unsuspecting tradie business owners have suffered a financial loss due to either:
- Tools getting stolen or
- Getting damaged accidentally
When getting tool insurance, many tradies hope that any sort of loss is fully covered, like:
- If their tools are stolen from worksite – left out in open
- Stolen from the back of the ute whilst they popped into the servo to grab a pie and ice coffee.
- Damaged due to accidentally dropping whilst working at heights
You can get that cover, but not all policies cover everything, some offer the reduced cover. It’s usually called the “Fire, theft, collision and other expressed perils (cover option)”.
Under this option, your insurer will cover loss or damage to tools caused by:
- Fire, explosion, if some one maliciously damages or caused vandalism
- Theft but only if there are tell tale signs of application of force and violent entry into a building or a vehicle that had been securely locked. Things taken from unlocked buildings/vehicles are not covered.
- If a vehicle is involved in an accident which results in damage to tools.
Regardless of what your Tool Insurance needs are, we can sort out a policy that is just right for you. Give us a call.
Tradesman Income Protection Insurance
Our view is that this is the most important insurance you could have however many choose to ignore this insurance.
Because, they think that injuries happen to others and somehow you are immune to all this risk.
If you are a trades worker, you actually run the highest risk of injury out of all occupations in Australia. Have a look at the chart below from the Australian Bureau of Statistics.
Male trades workers have more injuries than any other occupation. This insurance is very important.
Only very recently, we’ve had a client who is a garage door repair trades business. One of their staff members got a fractured finger when a spanner under the load of garage door spring has come loose and hit the worker’s hand.
The worker is out of action for a while now and in situations such as these is when the income protection insurance comes handy.
This insurance is also pretty useful even if you get hurt outside of work, not just at work. If you play sport you can still be covered, talk to us to discuss.