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11 Best Tradie insurances on the market (2022)
Insurance is a part of life for tradies. The job is inherently dangerous and accidents can cost you your business if you don’t have the right insurance in place. Bad tradie insurance can kill your business, but good tradie insurances give you peace of mind that it won’t happen to you. In this article we compare the 11 best construction business insurances on the market so you know what to look for when looking for tradie insurance in Australia.
1) QBE tradies insurance
QBE tradies insurance provides a comprehensive cover with great features making it a clear choice for top tradies insurance in Australia. Comprehensive coverage will protect your assets from damage or theft, while medical indemnity helps cover any injuries your employees may suffer on-site. It has the added advantage of having great discounts for tradies with multiple tools, heavy plant & equipment and trades employees (sub-contractors).
QBE tradies insurance coverage includes:
• Comprehensive building cover including site clearance, footings, foundations and roofing;
• Cover against damage to property during construction;
• Public liability up to $10 million;
• Employees’ personal accident cover;
• Worldwide protection (cover options available for all countries);
• Building equipment breakdown cover including excavators, cranes, pumps and generators; • Work-related motor vehicle claims assistance.
Pros :
This tradie insurance policy offers flexibility in premium payments which is ideal if you don’t have the cashflow to make big tradie insurance payments all at once. It’s also great if you’re just starting out and don’t have a tradie business yet, you can easily purchase level insurance for tools with this tradie insurance policy instead of having to do it when you start making tradie income. It has very flexible payment options to suit your tradie needs which is one thing I like about QBE tradies insurances
Cons :
There are no discounts available for multiple trades people, so every time a new trady comes on-site they’ll be forced to pay full tradies rates.
2) CGU tradies insurance
CGU is our clear choice in top construction business insurances this year as they offer a number of tradie discounts across the board. With tradies insurance for tool, tradies plant and equipment you’ll receive multiple discounts including:
• 10% off tradies insurance for QLD tradespeople • 5% off tradies insurance for SA tradies • 15% off tradies liability Insurance costs only $74/mth – that’s less than an iphone! Just one trady employee can reduce your overall tradie premiums by up to 70%.
Pros :
CGU is our choice as the top construction business insurances this year as they offer a number of great features in their cover at a very affordable price which includes:
– The ability to pay monthly with no lump sum required – One policy takes care all tradie insurance, tradie plant and tradie equipment – You can repay your tradies insurance policy at any time with no early repayment surcharges
– Their tradie tools cover can be used for multiple trady employees making it great for sub-contractors (a requirement in most states)
3) Allianz tradies insurance
Allianz is our choice as the top construction business insurances this year. They offer a number of tradie discounts across the board, but their 10% discount for QLD tradespeople made them stand out personally to me. This tradies insurance includes:
• Comprehensive building cover including site clearance, footings, foundations and roofing;
• Cover against damage to property during construction;
• Public liability up to $10 million;
• Employees’ personal accident cover;
• Worldwide protection (cover options available for all countries);
• Building equipment breakdown cover including excavators, cranes, pumps and generators; • Work-related motor vehicle claims assistance.Pros : A tradies insurance policy with Allianz will give you some of the best tradie deals on tradies insurance for tool, tradies plant and tradie equipment. They also offer payment plans if you’re tight on cash! Most people don’t realise that a single trady employees can reduce your overall tradie premiums by up to 70% so this is a major benefit in having multiple tradys working for you – something we don’t get with tradies insurance​.
Cons :
There are no discounts available for multiple tradies, so every time a new trady comes on-site they’ll be forced to pay full tradies rates and this can get expensive.
4) RACT tradie Insurance (ACT only)
RACT is our choice as the top construction business insurances this year because it offers a number of tradie discounts across the board which includes:
• 10% off tradies insurance for QLD tradespeople;
• 5% off tradies plant and equipment cover;
• 20% off tradies motor vehicle liability ;
• $5 million PDSI excess waiver .Pros : Similar to CGU, RACT has tradie insurance available for an individual trady as well as multiple tradies which with tradies plant and equipment is a great benefit. While there’s no trady discounts available for multiple tradies, they do offer payment plans if you’re tight on cash!
Cons :
There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
5) AAMI tradie Insurance
AAMI is our choice as the top construction business insurances this year that offers quality cover at an affordable price – making them great value. AAMI has tradie insurance policies specifically designed to meet the needs of your company including:
• Cover up to $10 million;
• Electronic tradie tool cover up to $15,000;
• Guaranteed tradie employment for tradies who purchase their own trady tools.Pros : AAMI has tradie insurance available for an individual trady as well as multiple tradies which with tradies plant and equipment is a great benefit. While there’s no trady discounts available for multiple tradies, they do offer payment plans if you’re tight on cash!
Cons :
There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
6) GIO tradie Insurance
GIO is our choice as the top construction business insurances this year that offers quality cover at an affordable price – making them great value. GIO tradie insurance includes:
•  $2 million tradies public liability;
• Cover against damage to tradies plant during construction;
• Employee personal accident cover of $100,000 .Pros : The tradies insurance policies with GIO tradie have a number of tradie discounts available including for tradespeople who purchase their own trady tools and best of all they offer payment plans if you’re tight on cash!
Cons :
There are no discounts available for multiple tradies.
7) CGU tradie Insurance
CGU is our choice as the top construction business insurances this year that offers quality cover at an affordable price – making them great value. CGU has tradie insurance policies specifically designed to meet the needs of your company including tradie insurance for tradies plant and tradies equipment up to $1 million. Pros : They have trady insurance available for an individual trady as well as multiple tradies which is a great benefit.
Cons :
There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
8) AMI tradie Insurance
AMI is our choice as the top construction business insurances this year that offers quality cover at an affordable price – making them great value. AAMI has tradie insurance policies specifically designed to meet the needs of your company including: • Cover up to $10 million; • Electronic tradie tool cover up to $15,000;
• Guaranteed tradie employment for tradies who purchase their own trady tools.Pros : AAMI has tradie insurance available for an individual trady as well as multiple tradies which is a great benefit. While there’s no trady discounts available for multiple tradies, they do offer payment plans if you’re tight on cash!
Cons :
There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
9) State Custodians Tradie Insurance
State Custodians offers a top construction business insurances that offers quality cover at an affordable price – making them great value. State Custodians tradie insurance includes:
• Cover of tradies equipment up to $3 million;
• Guaranteed trady employment if tradies purchase their own trady tools.Pros : There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
Cons :
State Custodians do not offer payment plans, which makes it more difficult for some tradies cash flow.
10) AIG tradie Insurance
AIG is our choice as the top construction business insurances this year that offers quality cover at an affordable price – making them great value. AIG has tradie insurance policies specifically designed to meet the needs of your company including tradie equipment and trady public liability.Pros : There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
Cons:
While there’s no trady discounts available, they do offer payment plans if you’re tight on cash!
11) NRMA tradie Insurance
NRMA is our choice as the top construction business insurances this year that offers quality cover at an affordable price – making them great value. NRMA has tradie insurance policies specifically designed to meet the needs of your company including tradie public liability and cover for tradies plant used within construction work. Pros : There are no discounts available for tradespeople who purchase their own trady tools (which we believe should be standard in tradies insurance).
Cons :
There are no discounts available for multiple tradies.
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