5 Insurance Tips For Tradies And Contractors

02 Dec 5 Insurance Tips For Tradies And Contractors

As a tradie or contractor, your tools, equipment and vehicle are an important part of running your business. When things go wrong and they can no longer be used, it can have a major impact on your day-to-day operations. Having the right business insurance and level of cover can help protect you and your business from financial loss, ensuring you get back to work again sooner. To help you find the right business insurance at the best price, here are 5 insurance tips for tradies and contractors.

1. Compare policies and premiums

Finding the right business insurance and level of cover isn’t always easy. With so many options to choose from, how do you know which business insurance is right for you? Working with an Insurance Adviser is the best way to get help finding business insurance for tradies. An experienced Insurance Adviser – like those at Max Insurances – can assess your risk, determine what level of cover is best for your business, and compare policies and premiums across an extensive panel of insurance providers to find one that’s right for you. Talk to an Insurance Adviser at Max Insurances today to get a free business insurance quote and customised plan that best suits your business!

2. Choose the right cover

The type of insurance cover you need will depend on what you do, the risks you face, and your circumstances. Tradies are often required to have proof of insurance as a condition of getting a work contract, so it’s helpful to work with an Insurance Adviser who understands these priorities. When it comes to business insurance for tradies, there are a few types of cover you may want to consider:

• Public Liability Insurance to provide financial protection against legal liability if someone is injured or property is damaged when carrying out tradie or contractor work.
• Employer’s Liability Insurance to cover your legal liability to pay damages to your employees who suffer a personal injury at work not covered by ACC.
• Tools and equipment insurance to cover repairs or replacement when damaged, lost or stolen.
• Commercial vehicle insurance to cover your vehicle if it’s stolen or involved in an accident.
• Business Interruption Insurance to financially protect you should you be unable to perform your job due to circumstances outside of your control.

3. Pick the right excess

Insurance excess is the amount that you’ll pay in the event of a claim. Some insurance providers let you choose to pay a higher excess amount to keep the cost of your premiums down. That means you’ll pay more when you make a claim, but save on the cost of your monthly or annual insurance premiums. Work with your Insurance Adviser to determine if paying a higher excess would suit your business.

4. Scrutinise your insurance policy

It can be hard to make sense of insurance policy documents and unfamiliar insurance jargon. But like any purchase, it’s important you fully understand just what it is you’re buying. Take the time to read your insurance policy and ask questions if you’re unsure about anything. Be clear on what is and isn’t covered, because by the time it comes to making a claim, it’s too late to make any changes. Work with an Insurance Adviser who can help you understand your policy, the exclusions and conditions, and give you the assurance you need to make informed choices about your business insurance. And if you need to make a claim, your Insurance Adviser can help you through the claims process and advocate on your behalf for a fair and prompt result.

5. Get expert insurance advice

Navigating the insurance industry can be challenging. To be effective, business insurance should fit your specific circumstances and business risks. Which is why it makes sense to work with an industry expert who understands your business and the type of cover you need. Someone who can compare insurance policies and ensure you’re not left short when you need to make a claim.

Helping tradies get the right insurance NZ wide

Max Insurances Advisers specialise in helping Kiwi tradies and contractors get the right insurance cover at the right price. Using our extensive knowledge of the insurance industry and our relationships with a panel of NZ insurance providers, we’re able to match up tradies and contractors with business insurance that fits their unique circumstances. Whatever your insurance needs, contact a Max Insurances Adviser today and get expert advice and guidance to inform your business insurance decisions.

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