At Trade Risk we believe strongly in providing the highest levels of cover to protect tradies from the risks they face.
That’s why, unlike most other insurance brokerages, we employed a qualified financial planner to provide income protection and life insurance advice to our clients.
You see, proper income protection is a class of life insurance, and it requires staff with different qualifications as well as a different licence.
An insurance broker operating under a general insurance licence cannot provide advice on this type of cover.
What they might call “income protection” is actually a personal accident and sickness type of policy, which all insurance brokers can provide advice on.
Proper income protection involves a much more in-depth advice process, more questions, more paperwork and typically takes a lot longer to have it setup.
In most cases it is more expensive too, but you are receiving a far more comprehensive level of cover with some very important differences.
Whilst plenty of tradies have elected to take their income protection to this level, the reality for us has been that most don’t want to, and they’re more than likely opting instead for a personal accident policy through another broker.
The result was that it was costing us more to provide income protection insurance than we were actually making from it!
So we’ve had to make the tough decision to no longer employ a financial planner and to cease offering income protection in-house at Trade Risk.
Effective from Friday 4th October 2019 we will no longer be offering income protection here at Trade Risk.
We will still be offering personal accident and sickness insurance, and we can still refer you to a financial planner if you prefer the higher level of cover.
What if I already had income protection with Trade Risk?
You will have been dealing with our financial planner, Paul Simpson.
Whilst Paul will no longer be employed by Trade Risk, the great news is that he will still be looking after you and will still be working closely with our team.
To put it into construction terms, you could say that Paul is becoming a subbie!
That’s not technically correct, but you get the idea.
Paul will continue to manage your income protection and life insurance, and will be responsible for all advice, ongoing service and claims etc.
Paul will be authorised via Synchron, which is the same group that he was authorised by when employed by Trade Risk, so there really is little difference following this change.
These changes in no way affect your business insurance, which continues to be managed by our award-winning Trade Risk team.
For more information please call our office on 1800 808 800.
