Tradies are some of the most knowledgeable and experienced talents you will ever find. Whether they're working as a plumber, an electrician, or specialising in any other type of labour, they're the ones you want to reach when you have a specific need. Unfortunately, tradies have their fair share of problems, especially when it comes to business insurance. More often than not, they may be experts in their craft, but they're not experts in running a business, and one of the biggest mistakes they may make has to do with business insurance.
Today, we want to talk about the common mistakes tradies make when it comes to business insurance and what you can do to avoid them:
Mistake 1. Not Sharing All Required Information
One of the most common mistakes that tradies make when it comes to business insurance is failing to share all the required information with their broker so that they can give you an adequate quote. Make sure you share all of the information your broker needs. This includes your name, permanent address, business name, and so on.
Mistake 2. Not Checking Your Policy Regularly
Another common mistake that tradies make when it comes to business insurance is failing to check their policy regularly. Neglecting to do so can cause serious problems and can even result in fines. Make sure you look over your policy at least once a year to ensure that everything is in order.
Mistake 3. Not Getting Your Quotes in Order
Tradies also tend to make mistakes when it comes to insurance because they don't do their research, and they don't get their quotes in order. The fact is that some insurance companies are better than others, and by taking the time to get the quotes, you'll be able to pick the best one available. It's a simple step, but it can save you a lot of money in the long run.
Mistake 4. Not Being Prepared for the Worst-Case Scenario
We all know that the worst-case scenario can happen at any moment. It can happen without warning, and it can cause serious damage. If you're a tradie and you don't have the appropriate insurance, that damage can cost you a lot of money, and it can even put you out of business. So make sure you have the insurance coverage you need to protect you and your business in case disaster strikes.
Mistake 5. Not Recognising the Importance of Business Insurance
Another common mistake tradies make when it comes to business insurance is not recognising its importance. As we've already discussed, having the right insurance coverage can save you money and a lot of heartaches. Don't put yourself at risk!
Conclusion
Tradies are some of the hardest-working business owners out there. However, while they are experts in their field, they're not experts at running a business. So, if you're a tradie that has yet to recognise and use business insurance, it is time to take action! Reach out to professional business insurance providers to ensure that when things go wrong, your business stays safe and sound.
New Wave Insurance is your go-to expert for helping business owners find the right insurance to meet their needs. If you are in need of business insurance, work with us today!