Tradesman insurance is a type of public liability cover that is designed for builders, electricians, plumbers and carpenters / joiners. These policies though can at times become quite expensive, especially when working at heights such as scaffolders.
The good news is, there are things you can do to help reduce your policy.
Saving Money on Contractors and Tradesman Insurance
Although not all ideas will be applicable, there are many ways you can consider in order to help reduce the cost of your insurance premium.
Bundle Your Policy
As a tradesman, you are likely to need several types of insurance in order to operate correctly. For instance, if you are a builder, within your builders insurance, you are likely to want the following.
- Public Liability: This provides cover arising from claims from the public as a result of your work.
- Employers Liability: This will insure those working for you (if you employ anyone, employers insurance is a legal requirement).
- Professional Indemnity: This will cover the work and advice you give.
- Tool Cover: This does what it says on the tin and will cover the tools you need to carryout your building work.
Align With A Professional Body
When you align to a professional body and agree to work to a higher standard, some insurers will give you a discount in reflection of the lower risk associated with better working standards.
This is particularly important for contractors looking for electricians insurance or plumbers insurance given the higher risk around electricity and gas.
Pay Annually For Your Policy
When you pay annually for any insurance policy, you reduce the costs as there is not interest payment to furnish a monthly insurance plan. As you will be fully paid up, there is no need to chase you on possible late payments resulting in less admin for the broker.
When you avoid claiming, you typically build up and no claims discount that proves to an insurer that you are a safer risk and not racking up claims.
This is one of the best ways to help reduce your policy.
Look For Specialised Cover
Contractors cover protects a wide range of trades. You could do yourself a favour though by looking for specialist cover. For instance, the risk associated with a roofer is different to that of a plumber.
Searching for an buying the right cover, such as roofers insurance if you are a roofer, can ensure you’re not insuring for risks not associated to your trade.
Compare Insurance Quotes
Although comparing insurance quotes is a step over looked by many due to time, it is by far one of the best ways to ensure you have the right policy at the right price.
Not all insurance brokers have the same schemes, therefore, taking the time to shop around can really save you money. We can help you compare builders insurance for instance as we work with specialist brokers who have dedicated schemes.
Utilise A Brokers Expertise
Working with an experienced insurance agent or broker can help you navigate the nuances of finding cheap tradesman insurance, ensuring you get the right coverage at the best price.
A specialist insurance broker is on your side and will work with you to provide multiple policy options at multiple price points.
Review and Limit Cover
Ensure that you’re only paying for cover you need. For instance, if you don’t have any employees, there’s no need to have employers insurance (unless it’s required for contractual reasons).
Increase Your Excess
The excess is the amount you pay towards your claim in the event you need to claim. If you opt for a higher excess, most insurers will provide you a lower premium price.
It is though very important that you can afford the excess you choose or you wont be able to make a claim in the event that you do.