{"id":4176,"date":"2021-01-04T13:56:34","date_gmt":"2021-01-04T02:56:34","guid":{"rendered":"https:\/\/www.www.covertradie.com.au\/?p=4176"},"modified":"2022-07-16T17:12:08","modified_gmt":"2022-07-16T07:12:08","slug":"plumbers-insurance-nsw","status":"publish","type":"post","link":"https:\/\/www.covertradie.com.au\/plumbers-insurance-nsw\/","title":{"rendered":"Plumbers Insurance NSW"},"content":{"rendered":"\n<h2 class=\"gb-headline gb-headline-b8099159 gb-headline-text\"><span class=\"ez-toc-section\" id=\"Plumbers-in-NSW-dont-have-to-pay-as-much-as-their-Victorian-counterparts-They-still-pay-a-little-more-than-plumbers-in-other-states-though\"><\/span>Plumbers in NSW don&#8217;t have to pay as much as their Victorian counterparts. They still pay a little more than plumbers in other states though.<br><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_State.png\" alt=\"plumbing-insurance-vba\" class=\"wp-image-3632\" srcset=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_State.png 1200w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_State-600x400.png 600w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_State-300x200.png 300w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_State-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption>This is based on the quotes we&#8217;ve seen for a small businesses with turnover of $100,000 who were seeking $20 million public liability insurance.<\/figcaption><\/figure>\n\n\n\n<p>Its important to get your <a href=\"https:\/\/www.covertradie.com.au\/plumbing-insurance\/\" data-type=\"page\" data-id=\"2614\">plumbing insurance<\/a> sorted out correctly because not all insurance companies treat all occupations equally.<\/p>\n\n\n\n<p>The prices and exclusions vary a bit between insurers which creates the opportunity to get a policy that suits your business and at a price that is fair.<\/p>\n\n\n\n<h2 class=\"gb-headline gb-headline-c55147e2 gb-headline-text\"><span class=\"ez-toc-section\" id=\"Having-said-that-many-still-continue-to-make-the-wrong-purchase-because\"><\/span>Having said that, many still continue to make the wrong purchase because:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Their broker didn\u2019t know which insurer was offering the best price for their insurance<\/li><li>They took advice from a mate who recommended somebody they knew<\/li><li>Their bookkeeper put them on to their \u201cinsurance broking mate\u201d<\/li><li>Believed the story that all trades are a high risk and accepted high premiums are okay<\/li><li>Got advice from a generalist and not a specialist in trades.<\/li><\/ul>\n\n\n\n<p class=\"gb-headline gb-headline-f63af633 gb-headline-text\"><strong>CoverTradie&#8217;s<\/strong> experience will help you understand the &#8220;ins&#8221; and &#8220;outs&#8221; of Plumbers Insurance in NSW so that you can make the right choice when getting your Plumbers Insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Plumbers-Insurance-NSW-Cost\"><\/span>Plumbers Insurance NSW Cost<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Even though the cost of Plumbers Insurance in NSW is lower compared to Victoria, it is important to note that it is still higher than other common trades. See below:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_TradesComparison_NSW.png\" alt=\"\" class=\"wp-image-4179\" srcset=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_TradesComparison_NSW.png 1200w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_TradesComparison_NSW-600x400.png 600w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_TradesComparison_NSW-300x200.png 300w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/L_TradesComparison_NSW-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption>Prices for $5 Million liability cover for business turnover of $100,000 based on the quotes we have observed at CoverTradie.<\/figcaption><\/figure>\n\n\n\n<p>You can easily tell, how cheap insurance is for some of the other trades compared to Plumbing. And this is a comparison of the cheapest quotes we saw, not the average.<\/p>\n\n\n\n<p>The average prices are actually higher as you&#8217;d expect and that&#8217;s where the opportunity is to save some money which we share in the table below:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Cheapest<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741<\/td><\/tr><tr><td>Average<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,412<\/td><\/tr><tr><td>Highest<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,712<\/td><\/tr><\/tbody><\/table><figcaption>Cheapest, Average & Highest Prices we saw for $5 million liability coverage for Plumbers in NSW with a business turnover of $100,000.<\/figcaption><\/figure>\n\n\n\n<p>The reality is that there is a lot of variation in pricing amongst different insurers. Some would absolutely love to take on Plumbers and others haven&#8217;t had a good experience hence they charge a lot more.<\/p>\n\n\n\n<p>Also key to note is that the cheapest insurance mayn&#8217;t be the best deal due to the exclusions in it.<\/p>\n\n\n\n<p>You want to be totally sure that the policy has not not been rendered useless with bucket loads of exclusion. No point getting a cheap policy there.<\/p>\n\n\n\n<p>The price of plumbing insurance in NSW starts from about $62 per month for a small business with a turnover of $100,000. This should get you an insurance policy providing $5 million public liability <span class=\"has-inline-color has-central-palette-2-color\">coverage<\/span>.<\/p>\n\n\n\n<p>The prices increase if you need higher limits on your liability coverage.<\/p>\n\n\n\n<p>Many start with the $5 million limit but then end up getting higher limits as they start to take on bigger jobs and working with other larger businesses.<\/p>\n\n\n\n<p>Its almost guaranteed that if you were working with large commercial organisation as their subcontractor, they would most likely ask for a $20 million limit which means higher premium!<\/p>\n\n\n\n<p>The table below shows the lowest, average and higher prices for plumbers insurance in NSW that we came across for a business with turnover of $100,000.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Limit<\/td><td>Cheapest<\/td><td>Average<\/td><td>Highest<\/td><\/tr><tr><td>$5&nbsp;Million<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,072<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,387<\/td><\/tr><tr><td>$10&nbsp;Million<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,305<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,661<\/td><\/tr><tr><td>$20&nbsp;Million<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,077<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,795<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,712<\/td><\/tr><\/tbody><\/table><figcaption>These numbers are much higher if your business size is bigger which we discuss further.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Its-easy-to-see-that-there-is-a-huge-variation-between-the-cheapest-average-and-the-highest-premiums-we-have-observed\"><\/span>It&#8217;s easy to see that there is a huge variation between the cheapest, average and the highest premiums we have observed. <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So-what-drives-such-a-huge-variation-in-the-pricing\"><\/span>So what drives such a huge variation in the pricing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are a few factors that insurers consider to price a particular occupation. Different insurers give different level of importance to these factors, some of which we list below:<\/p>\n\n\n\n<ul><li>Is there any consumer protection legislation for your trade that results in higher claim volumes, which increases insurance costs. This isn&#8217;t applicable in NSW but applies to Plumbers in Victoria and Electricians in QLD.<\/li><li>Your occupation risk &#8211; not all trades carry equal risk<\/li><li>Business activities within your occupation &#8211; not all business activities carry equal risk<\/li><li>Size of your business &#8211; higher turnover and staff count usually means higher risk of claims<\/li><li>The market factors in a particular state, competition etc.<\/li><\/ul>\n\n\n\n<h2 class=\"gb-headline gb-headline-415bc9a9 gb-headline-text\"><span class=\"ez-toc-section\" id=\"Does-the-premium-increase-as-your-business-grows\"><\/span>Does the premium increase as your business grows?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Say your business has expanded and has a turnover of $400,000 compared to a $100,000 when you first started. You can surely expect the premium to increase because there&#8217;s a higher risk in your business now.<\/p>\n\n\n\n<p>You perhaps now have an apprentice working for you. There are many instances where claims have occurred due to unsupervised work completed by apprentices.<\/p>\n\n\n\n<p>You may also be sub-contracting work out to other plumbers or trades. Usually this situation can lead to greater number of claims because quality controlling someone else&#8217;s work requires processes.<\/p>\n\n\n\n<p>Many times though in the early stages of growth, the lack of controls in business can lead to oversight and mistakes which subsequently lead to claims.<\/p>\n\n\n\n<p>Insurers know that from the data. They price it accordingly. So yes, the price of your insurance is likely to go up as the size of your business grows. See chats below:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_5Million.png\" alt=\"\" class=\"wp-image-4185\" srcset=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_5Million.png 1200w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_5Million-600x400.png 600w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_5Million-300x200.png 300w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_5Million-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure><\/div>\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_10Million.png\" alt=\"\" class=\"wp-image-4183\" srcset=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_10Million.png 1200w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_10Million-600x400.png 600w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_10Million-300x200.png 300w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_10Million-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_20Million.png\" alt=\"\" class=\"wp-image-4184\" srcset=\"https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_20Million.png 1200w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_20Million-600x400.png 600w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_20Million-300x200.png 300w, https:\/\/www.covertradie.com.au\/wp-content\/uploads\/LAH_Plumber_NSW_20Million-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"You-cant-control-what-insurers-think-and-how-they-price-insurance-You-can-make-a-choice-of-insurer-and-your-broker-That-will-save-you-money\"><\/span>You can&#8217;t control what insurers think and how they price insurance. You can make a choice of insurer and your broker. That will save you money.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So-select-a-broker-who-knows-what-they-are-doing-so-they-can-help-you-get-where-you-want-to-%E2%80%93-FASTER\"><\/span>So, select a broker who knows what they are doing so they can help you get where you want to &#8211; FASTER.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoverTradie is a specialist insurance broker for tradesmen. If we can be of help to you, please give us a call. If you found this article useful, please consider sharing it on Facebook to help us get the word out.<\/p>\n\n\n\n<p class=\"gb-headline gb-headline-00f99bb5 gb-headline-text\" id=\"trades\">Insurance Types<\/p>\n\n\n<div class=\"gb-container gb-container-35f1cda4\"><div class=\"gb-inside-container\">\n<div class=\"gb-grid-wrapper gb-grid-wrapper-4ac314c9 grid-border\">\n<div class=\"gb-grid-column gb-grid-column-5bf4eaa5\"><a class=\"gb-container gb-container-5bf4eaa5\" href=\"https:\/\/www.covertradie.com.au\/public-liability-insurance\/\"><div class=\"gb-inside-container\">\n<div class=\"gb-container gb-container-5f26d0a6\"><div class=\"gb-inside-container\"><\/div><\/div>\n\n<div class=\"gb-container gb-container-80cd17be\"><div class=\"gb-inside-container\">\n\n<h4 class=\"gb-headline gb-headline-cf585332 gb-headline-text\"><strong>Public Liability<\/strong><\/h4>\n\n<\/div><\/div>\n<\/div><\/a><\/div>\n\n<div class=\"gb-grid-column gb-grid-column-30d6b96c\"><a class=\"gb-container gb-container-30d6b96c\" href=\"https:\/\/www.covertradie.com.au\/tools-insurance\/\"><div class=\"gb-inside-container\">\n<div class=\"gb-container gb-container-344d5ed5\"><div class=\"gb-inside-container\"><\/div><\/div>\n\n<div class=\"gb-container gb-container-d8b79062\"><div class=\"gb-inside-container\">\n\n<h4 class=\"gb-headline gb-headline-b0e8a246 gb-headline-text\"><strong>Tools<\/strong><\/h4>\n\n<\/div><\/div>\n<\/div><\/a><\/div>\n\n<div class=\"gb-grid-column gb-grid-column-fa20acdb\"><a class=\"gb-container gb-container-fa20acdb\" href=\"https:\/\/www.covertradie.com.au\/personal-accident-insurance\/\"><div class=\"gb-inside-container\">\n<div class=\"gb-container gb-container-8b135972\"><div class=\"gb-inside-container\"><\/div><\/div>\n\n<div class=\"gb-container gb-container-8f8e8d6a\"><div class=\"gb-inside-container\">\n\n<h4 class=\"gb-headline gb-headline-cb6d4179 gb-headline-text\"><strong>Personal Accident<\/strong><\/h4>\n\n<\/div><\/div>\n<\/div><\/a><\/div>\n\n<div class=\"gb-grid-column gb-grid-column-00adfe81\"><a class=\"gb-container gb-container-00adfe81\" href=\"https:\/\/www.covertradie.com.au\/commercial-vehicle-insurance\/\"><div class=\"gb-inside-container\">\n<div class=\"gb-container gb-container-a4f0ef41\"><div class=\"gb-inside-container\"><\/div><\/div>\n\n<div class=\"gb-container gb-container-7031fb96\"><div class=\"gb-inside-container\">\n\n<h4 class=\"gb-headline gb-headline-7e807134 gb-headline-text\"><strong>Commercial Vehicle<\/strong><\/h4>\n\n<\/div><\/div>\n<\/div><\/a><\/div>\n\n<div class=\"gb-grid-column gb-grid-column-0d22fffb\"><a class=\"gb-container gb-container-0d22fffb\" href=\"https:\/\/www.covertradie.com.au\/contract-works-insurance\/\"><div class=\"gb-inside-container\">\n<div class=\"gb-container gb-container-a771f7df\"><div class=\"gb-inside-container\"><\/div><\/div>\n\n<div class=\"gb-container gb-container-e60c0fc3\"><div class=\"gb-inside-container\">\n\n<h4 class=\"gb-headline gb-headline-89a2966c gb-headline-text\"><strong>Contract Works<\/strong><\/h4>\n\n<\/div><\/div>\n<\/div><\/a><\/div>\n<\/div>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Plumbers in NSW don&#8217;t have to pay as much as their Victorian counterparts. They still pay a little more than plumbers in other states though. Its important to get your plumbing insurance sorted out correctly because not all insurance companies treat all occupations equally. The prices and exclusions vary a bit between insurers which creates &#8230; <a title=\"Plumbers Insurance NSW\" class=\"read-more\" href=\"https:\/\/www.covertradie.com.au\/plumbers-insurance-nsw\/\" aria-label=\"Read more about Plumbers Insurance NSW\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":3640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[12,5],"tags":[],"post_series":[],"_links":{"self":[{"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/posts\/4176"}],"collection":[{"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/comments?post=4176"}],"version-history":[{"count":2,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/posts\/4176\/revisions"}],"predecessor-version":[{"id":6518,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/posts\/4176\/revisions\/6518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/media\/3640"}],"wp:attachment":[{"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/media?parent=4176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/categories?post=4176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/tags?post=4176"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.covertradie.com.au\/wp-json\/wp\/v2\/post_series?post=4176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}