If you’re a Tradesman and running your own business, you should already have some Trade Insurance in place, right? But if you’re like 9 out of 10 Australian Tradies who just “renew” their Insurance each year, without reviewing it – you could be putting yourself at unnecessary risk.
Renewal time is usually the only time that Tradies even think about Insurance – so it’s the perfect time for a quick review, to ensure your cover is still appropriate; check that you’re getting the best rate; and to see what’s changed with your coverage.
Here are three easy steps to review your Insurance, for your own peace of mind…
1. Review the activities that you and your Business are undertaking.
Things can change in business – and if any activities have changed since you took out your original cover, then you could find that your Insurance is no longer suitable and your claims could be denied (or left exposed).
Ask yourself the following: Has your revenue increased or decreased? Have you commenced or ceased high risk work; are you working in hazardous locations? Have you increased or decreased your staff? Have you purchased any new equipment or moved premises?
It would be unusual for Tradies to not have encountered one (or more) of these changes over the past 12 months.
2. Review Your Existing Policies
Once you’ve reviewed your business activities (and identified any changes) you need to review the policies you have in place – and what they cover.
Ask yourself the following: Does your policy cover all of your business activities? Is the amount of coverage correct? And finally, does the cover exclude any of your current business activities?
Some of these may be good questions to ask your insurance advisor?
3. Ask us for a comparison quote (it won’t cost you a thing!)
The final part of your review is to get a second quote… it costs nothing… but is could save you a lot. Your existing insurance company may have provided great value when you took out the policy, but insurers do change their pricing and covers from time to time.
And remember, your advisor is the person who will have your back and fight for your claim should something happen – so make sure they are honest, show integrity and are customer focused. If you wouldn’t have a business relationship with them… then they’re probably not the right fit for you.
The consequences for a Tradesman not having reviewed their Insurance can be dire… from denied claims, to excessive legal costs; it can be financially devastating to you, your business and even your family!
Need some help?
As specialists in Trade Insurance, you can rely on our experience and knowledge to help you with your review and compare your existing policy. Get in touch today, firstname.lastname@example.org or 03 5222 8224.