In the building industry we love to laugh at DIY warriors.
They can do it all themselves, but it ends up costing them twice as much when you have to come in and fix it!
But many tradies do the exact same with their business insurance…
You might save a few dollars with cheap online insurance, but are you really protecting your business?
Maybe, maybe not… Just because you can read a PDS doesn’t make you an insurance expert.
Our advice:
Don’t DIY your business insurance®
We’re all for making the insurance process better, but not at the expense of proper protection.
DIY online insurance is often sold with the following benefits:
- Quick
- Cheap
- Easy
That actually sounds pretty good! But imagine if a client came to you asking you to build them a new deck, and their main requirements were that it was quick, cheap and easy.
Does that sounds like a great project to take on? Probably not. It sounds like one of those clients who will choose the cheapest quote from Airtasker or Hipages or similar…
They might get lucky and end up with a perfectly great deck, or they might find themselves on the Tradie Mayhem Facebook page with all the tradies commenting “you get what you pay for”.
Business insurance is different to your home and car
Many of us use DIY online insurance for our homes and our cars, so why not for our business?
Fair question, but they are so very different…
Most home and car insurance policies are pretty similar. You also don’t need to consider different types of cover.
When you comprehensively insure your car, that’s all you need to worry about. You don’t need to consider if you’ve insured the doors properly, or the liability, or how the different types of roads you drive on might affect your cover.
Car insurance is car insurance – more or less.
And your home insurance is somewhat similar. There are still plenty of variables to consider, but if you’ve insured your buildings and your contents for the appropriate amounts, and selected all the right options, you can feel pretty confident.
But business is so completely different. There are so many different variables to consider, and so many different types of cover depending on your particular business.
There is no “one size fits all” when it comes to business insurance.
So by all means DIY your home and car insurance, but don’t DIY your business insurance!
What makes Trade Risk different?
We’re also predominantly online, and we also allow you to DIY certain parts of the process to make it more convenient.
But the big difference is that a qualified and experienced insurance broker looks at every new quote and every renewal before it is issued to you.
Not only that, but we have a legal responsibility to act in your best interests.
When you purchase insurance direct from an insurance company or from a comparison website, they are not required to act in your best interests. You are taking the DIY option and you’re responsible for your own choices.
But as insurance brokers, we have a legal responsibility to act in your best interests.
This duty carries through to every renewal and every claim that we help you with.
Should you ever DIY your insurance?
If the choice is between having no insurance or taking DIY business insurance, then we’d always agree that it’s better to have something than nothing.
We know that thousands of tradies will continue to DIY their business insurance, and they’ll feel good knowing they might have saved a few dollars and a few extra minutes.
Chances are, they’ll never need to make a complex claim (or any claim) and they’ll never have an issue with their insurance.
And that’s awesome for those tradies!
But if you really care about your trades business, and you want to know that the industry’s most awarded trade insurance brokers will have your back at claim time, then you’ll want to be with Trade Risk.
And you know what? Often our premiums are no more expensive than the DIY option anyway!
And our process is so slick after a decade of refinement, that you’ll probably find our process just as quick and easy!
So why risk taking DIY business insurance when you could have Trade Risk on your side?
Don’t DIY your business insurance!
