Cheapest carpenters insurance
Posted on June 1st, 2015
If you're looking for the cheapest insurance for carpenters, we may be able to help you out.
There are three main types on insurance for chippies, so we'll take a look at each one separately to find out how to get the best deal.
When it comes to carpenters, public liability is the most common form of business insurance.
If you're working on residential projects only, and your turnover is no more than $100k, you should be able to get cover from as little as $409.
This price will change a little depending on which state you're located in, thanks to stamp duty, but the final figure should be around this amount.
Thankfully cheap doesn't mean poor quality in this case, as the coverage is offered by a large and reputable insurer that looks after plenty of chippies from around Australia.
The price for public liability will increase based on a couple of different factors, this first being the size of your business.
If your turnover is more than $100k your premium will be a little higher, especially once you go past the $500k mark.
The amount of cover will also affect the premium. For example if you need $10m or $20m worth of cover, the cost is going to be higher.
If you are shopping for the lowest priced cover, just make sure you use a broker who knows your business and will ensure the cheaper policy is still the appropriate cover for you.
Out of all the insurance types, tool insurance is the cheapest cover you can get.
Of course the total premium will depend on the value of the tools to be insured, but for $5k worth of cover you'll only be paying around $230 per year.
This is incredibly cheap given the high likelyhood of a carpenter having their power tools stolen.
The cheapest tool insurance will generally only cover the following events:
- Theft from a secure location where forced entry is required
- Damage from fire or lightning
- Damage from a vehicle collission or rollover
If you require cover for accidental damage, or cover for tools left in the 'open air' the premium will be higher.
But if you're simply looking for the least expensive option to cover your tools, the basic policy is still quite good, and far better than nothing!
Income protection insurance is a bit of a different case when it comes to 'cheap' cover.
It is a far more complex form of cover, and the difference between a cheap policy and a more average policy can be quite large.
We recommend speaking with a qualified financial adviser before taking out an income protection policy.
Get a quote
Through our website we can assist with low quotes for public liability and tool insurance.
We can also put you in touch with a financial adviser who can help you out with your income protection quotes.
For more information on any of these types of insurance please get in touch with us.