For tradies, insurance is a must as it covers you if things go wrong. From public liability insurance to personal accident and illness cover, you need to ensure you have your bases covered so you’re not left open when it comes to a claim. However, insurance premiums are often a big consideration as you need to fit them into your budget and this can be difficult when you have a lot of other expenses.
Luckily, there are a few simple steps you can take to reduce your insurance premiums.
Reducing your premiums
- Consider your excess – Premiums tend to be lower if your excess is higher. To keep your premiums reduced, you could opt to increase the amount you pay in excess when it comes to a claim. However, always ensure that the amount of excess would be affordable if you had to claim.
- Increase waiting periods – If you opt for a very short waiting period for policies such as Personal Accident and Illness Cover, this will generally mean raised premiums. Choosing a longer waiting period for receiving payments can mean your premiums go down.
- Review your changes – It’s easy to forget to inform your insurer of changes in your circumstances but this can make a big difference to your premiums. For example, if you have Public Liability Insurance in place, always let your insurer know if you reduce the number of employees you have or have finished a big project as this can reduce your monthly premiums.
- Minimise frequency of claims – Some people get into the habit of making insurance claims for every minor incident which can lead to an increase in the costs of your premiums. While you’re well within your rights to claim, have a think about whether a minor incident would be worth claiming or whether it is just as easy to cover the cost yourself.
Get the balance right
There are a number of strategies you can put into place to keep your insurance premiums manageable. However, a lot of people make the mistake of reducing their insurance cover to the point that they have minimal cover. This may reduce premiums in the short term but you could get a shock at claim time when you find yourself in a situation where you’re not covered and are out of pocket. Always ensure that you have the right level of insurance cover to suit your needs.
At All Trades Cover we specialise in providing quality insurance to tradies at the best price while also ensuring that all areas of risk are covered. If you want to put some strategies into place to reduce your insurance premiums, have a chat to your insurance broker and they can make sure you’re not compromising your level of cover.
To discuss your insurance premiums, or for any other questions, contact All Trades Cover today and we’d be happy to help. You can also fill in our online form for a hassle free quote.