Looking to save a spare dollar here and there? Well, you’re not alone. and when it comes to getting your business insurance sorted for your tradie business, we hear you. Whether you’re flying solo as a sole trader or run a team of sparkies, we understand the importance of saving time, money while having peace of mind that you have adequate cover in place.
While the cheapest insurance option may seem tempting, it pays to spend some time going over the fine print to see what the policy is exactly providing you cover for and what it is excluding. The last thing you want is to make a claim only to find out that you are not covered for that particular event, a costly mistake no tradie wants to be dealing with.
Whether you’re a tradie taking out new policies or are about to renew your current ones, here are some money saving hacks to help your back pocket when choosing your business insurance.
Consider yearly instead of monthly payments
When weighing up the option to pay your business insurance premium annually or monthly, it may work out to be more expensive when purchased monthly.
You may want to consider purchasing your insurance in a lump sum to make some savings by doing so.
Look at purchasing in packages
As a tradie, you may require several different types of insurances to protect your business. Packaging your policies together may create potential savings instead of purchasing separate policies. Different insurers will provide different package options, so it is important to find the cover that is going to suit your tradie business insurance needs.
If your business size or business operations change- let your insurer know
Things change when it comes to business, and did you know things like the size and type of business activities your business is insured for can impact your premium? So, if things have changed with your business since you first took out your policy, spend some time when it comes to renewal time and check your policy.
Many forms of business insurance, including Public Liability* may have pricing that is partly affected by a business’ size. This is measured by factors like the number of staff your tradie business employs and annual turnover. If your small business has experienced major changes to either of these, let your insurer know, it may impact your premium.
If the type of business activities you have noted on your insurance policy has changed also let your insurer know. Not only does it ensure you have the appropriate type of cover in place for your tradie business, but it may save you a few dollars.
Different types of business activities attract different types of premiums based on their risk factors. For example, a domestic electrician who works mostly with jobs around people homes will likely attract a different premium then an electrician who works on commercial power stations.
If your business premises has changed
If you have Building or Contents insurance* for your business premises, you may want to also check your policy if you have made changes. Things like increased security and safety measures may entitle you to a discount on your policy for taking the extra steps to protecting your place of business, win-win.
Compare your policies
Whether you are taking out a brand new policy or renewing business insurance for your tradie business, having a shop around can potentially help you find a policy that will save you some money. Every insurer is different and some professions may be deemed ‘riskier’ to some insurers than others.
There is no such thing as a one size fits all policy, so understanding what kind of risks your tradie business is likely to be exposed to and finding cover that will help protect it is, is the first step you can take in finding an appropriate policy.
While there are plenty of different types of policies on the market, they might not be suitable for your business and the kind of activities you perform. It’s about understanding what your business is exposed to, what risks would impact you the most and then finding the cover to protect you.
Don’t have time to be shopping around for your tradie business insurance? With BizCover, we can look after that. We provide easy online quotes from multiple NZ Insurers that are simple, free of jargon and paperwork. Get a quote today for your business without the stress so you can get on with your day. Rather chat to a Business Insurance Specialist? Call us on 0800 249 268 and get cover today.
Try BizCover – NZ’s #1 Comparison and Buy Site for Business Insurance
At BizCover we’re here to help you navigate the (sometimes confusing) world of business insurance. We’ve been in the business insurance game for 15 years (since 2008), providing customers a game-changing online platform to easily shop around and compare business insurance quotes from multiple NZ Insurer’s all in one place, and buy online in minutes, clickity click done! Saving you time and money.
Trusted by over 14,000 NZ small businesses, we’re here to help make the lives of small businesses hassle-free when it comes to all things business insurance.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2024 BizCover Limited.
