You might think that buying tradie insurance is simple. After all, it’s just another type of insurance policy, right? But no. There are many factors that can make buying tradie insurance more complicated than you think. If you don’t have the right type of cover or if you don’t keep up with your premium payments, then there could be serious consequences for your business. Let’s look at the most common mistakes people make when they buy tradie insurance:

Buying the Wrong Insurance for Them

You may think that you’re doing a good thing by taking out insurance for your business, but there are some mistakes that can cause a lot of trouble. If you’re not careful, your insurance could end up costing more than it’s worth! This is why it’s so important to make sure that the insurance you purchase is suitable for your business.

It’s important to note that all businesses are different and have different needs when it comes to riskier activities or larger assets. For example, if there is high turnover or large assets involved in running the business (such as machinery or equipment), then this makes things much riskier than if there was no high turnover and no large assets involved in running the business. Therefore, it would be wise for someone with such circumstances (like high turnover) to take out insurance that covers the extra risk, rather than just taking out basic cover.

If you’re not sure whether you need additional coverage, then talk to your broker about what’s suitable for your business. Feel free to speak with our team at Tradies365 to learn more about what policy may work best for you.

Only Looking for the Best Deal

The first mistake is to only look at the cheapest policy on offer. You need to consider what you’re getting, not just how much it costs.

Here are some things you can do:

  • Compare cover with other brokers. If you have more than one broker, ask them if they can beat the policy offered by your current broker or find something better suited to your needs.
  • Compare cover with the same insurer. If there are two providers within your network, or if you want a different type of insurance than what is currently available in that network, ask them if they can find another provider who offers policies similar in nature and value for money.

Not Knowing What Cover They Have

It’s important to know what cover they have before you can start comparing. Once you’ve got that information, make sure to understand how their existing policy compares with your new one. You’ll also want to read all the details that may apply to your situation, so make sure that you fully understand your policy and any exclusions or restrictions it might have.

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Using Multiple Insurance Brokers

It’s important to find the right broker for your business. There are many brokers out there, and you could be tempted to use more than one. But that can cause problems for you down the line.

  • It will cost more money
  • They’ll all have different ideas about what risks and exclusions apply to your business
  • They won’t understand your business as well as a single broker would
  • They may not be able to offer you the same level of service as a single broker
  • It can look bad when getting numerous quotes for the same type of insurance

Trying to DIY Their Business Insurance

One of the most common mistakes people make when buying tradie insurance is trying to DIY their business insurance. It’s important to be aware of what you are covering and what you are not covering, but if there is something you don’t understand, ask a professional. If they have a policy that seems too vague or confusing, get someone to explain it to you (preferably in plain English). You can’t do it all yourself – this may take up a lot of time that could be spent working and making money.

Looking for Tradie Insurance?

We hope that you have found this article helpful and are now more confident in your decision to buy tradie insurance. If you have any questions, please call us on 1300 226 268 or email us at