fbpx

Insurance Claim

We deal with hundreds of tradies every month who are considering taking out insurance.

What we find is that most decide to go with public liability cover only, with a smaller percentage choosing to take out income protection.

So why should you bother within income protection, and is it really worth it for a tradie?

To determine this we’ll go through some of the common concerns that tradespeople have with the insurance.

Is it worth the cost?

There’s no question that income protection can be more expensive than some other forms of trade insurance, such as public liability or tool insurance.

But you need to keep in mind that the benefits available can be considerably higher, and there is certainly a lot more at stake.

I’m going to use an old insurance cliche here, but it is still as relevant as ever.

Ask yourself this – what is your most valuable asset?

No it’s not your house or your ute, it’s your ability to continue earning a living.

And that is what income protection is essentially insuring.

If you find yourself unable to earn a living due to an injury or illness, your income protection will pay you an ongoing benefit.

This ongoing benefit will continue until you are able to return to work, or until your benefit period expires, whichever comes sooner.

With benefit periods available up to age 65, you can protect your income all the way through to retirement age when you’ll be able to switch to your superannuation or the aged pension.

Think about this…

If you’re a 30 year old plumber earning $90,000 a year and you suffer a serious injury or illness that leaves you unable to work ever again, how much cash is at stake?

Assuming a retirement age of 65, your total lost earnings could be a massive $2.7 million!

The true figure would actually be a lot higher, as this figure does not take into account inflation. If we used an inflation rate of 3% the total would be an incredible $5.4 million.

Of course this example of never being able to work again is pretty extreme, and most income protection claims run over a far shorter period of time.

But even if you were unable to work for just a couple of months, we are still potentially talking tens of thousands of dollars in lost earnings.

I’ll probably never need to claim anyway

It’s true that many tradies can go for years or even decades without having to take any serious time off work due to an injury or illness.

But you might be surprised by how many tradesmen we have assisted with claims on their income protection policies.

Most of the claims we’ve been involved in have been quite short term, involving perhaps a few weeks or months off the tools.

The most common would probably be nail gun related claims. Whilst none of these injuries have been career-threatening for the tradies involved, they still result in lost income.

Ordinarily an income protection policy wouldn’t be hugely effective for these relatively minor injuries and short term abbesses from work

However, because we strongly recommend options such as ‘day 1 accident’ and ‘specified injury benefit’ we have been able to help plenty of tradies make a successful claim.

In many cases, that one claim will be enough to cover their premiums for multiple years.

Isn’t it difficult to claim?

Some of the ads on television from law firms advertising their services may lead you to believe that claiming on insurance is difficult, but we certainly disagree.

The vast majority of our income protection claims have been successful, and most have them have gone through relatively smoothly.

We believe a lot of this is due to our experience in dealing with tradespeople and workers in the building and construction industry.

We know which policies are most suitable for tradies, we know which options are most important to you, and we know how to handle a claim for a tradie.

Perhaps it is difficult to claim if you take out a generic income protection policy like the ones advertised on daytime television, but it’s not the case with Trade Risk.

So is it worth it then?

Of course it is!

My opinion is a little biased naturally, but being here at the coalface when it comes to tradies and income protection insurance, I think I’m qualified to give my opinion.

I can’t guarantee that every single income protection policy will be worthwhile for every single worker.

However, I do believe that the right income protection policy taken out via Trade Risk will be worthwhile for a tradesperson, if for nothing more than simple peace of mind.

Tradies Love Trade Risk

In 2020 Trade Risk was awarded the Platinum Trusted Service Award for the amazing service we offer to thousands of tradies from around Australia.

  • testimonial background
    "good follow up service"
    Classic Contracting Pty Ltd | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Took weeks to get back to me. My insurance lapsed and as a result I was unlicensed for 4 days."
    Mikael Erik Amberntsson | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Jennifer from Trade Risk is always happy to help and very prompt in replying to queries and concerns. Trade Risk takes the hassle out of insurance and makes sure the cover I need is the cover I get."
    Luke | Trade Insurance - Renewal | Snowy Monaro NSW
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Excellent service. Keshia was very helpful and easy to deal with. I would continue dealing with Trade Risk again"
    Jawo Wollaston | Trade Insurance - Renewal | Pioneer
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Happy with the competitive price. Was an increase from last year but that's common."
    Samford Valley Plumbing Service Pty Ltd | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "No comment"
    Reynolds Family Trust | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Would recommend them. Great service and prompt follow up to enquiries."
    Riddells Creek Roofing Pty Ltd | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "When insurance comes up in conversation I always tell about who I am with and why."
    | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Timely and easy to organise."
    Anthony Walford Thyer | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "It took nearly a month to have our renewal finalised. Our broker never responded to our emails or our phone calls, and there was no communication in regard to a required amendment to our renewal proposal. This resulted in a premium much higher than what we were originally paying. Considering the lack of communication and that it took a week for anyone to even action our request, and that our renewal was not finalised 2 days out from its due date, I sincerely doubt that our broker bothered or attempted to negotiate with the insurer or find us the best deal."
    | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Great service friendly easy renewal of my policy"
    | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "This was a renewal for us and they helped us not only with reminders, but they send a questionnaire about our current policy needs and came up with a policy that suited our changing business."
    Airlie Aluminium Marine Pty Ltd | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Quick and efficient Attended my query and needs immediately"
    | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Great customer service agent"
    C.M Friend & P.J Friend | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "We have been using Trade Risk for years. They make it easy and it is good value."
    P & J Building & Home Maintenance Services Pty Ltd | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Very easy to deal with 👍🏿"
    | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "They provided prompt information and quotes and I found them very easy to deal with."
    | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
  • testimonial background
    "Service was good, but not the premium"
    David Mathew Zemunik | Trade Insurance - Renewal |
    star fullstar fullstar fullstar fullstar full
Loading...