The Tradie’s Insurance Checklist

Key takeaways

• Your business doesn't stand still, so your insurance shouldn't either. A quick once-a-year check-up is one of the easiest habits to get into.
• If your policy's out of date, you could be caught short when it's time to claim — and that's an expensive surprise nobody wants.
• Taken on a new apprentice? Bought a new ute or tools? Landed a bigger job? Big changes like these are worth a review, even if renewal's months away.
• Whether you're a sole operator or running a full crew, the Tradesure team is here to talk it through and answer your questions — no jargon, no fuss.

The risk of not reviewing your business insurance policy

Insurance is one of those things most people tend to sort once and then not think about again until something goes wrong. You get your public liability insurance sorted, maybe add tools cover, and then you're off to the next job. It's completely understandable; running a trade business is full-on, and reviewing paperwork is rarely the priority when you've got a full schedule.

The problem is that your business rarely stays the same from one year to the next. You might have added a new vehicle, taken on an apprentice, upgraded your equipment, or started taking on larger commercial jobs. Any of those changes can affect your cover, and if your policy hasn't been updated to reflect them, you could find yourself in a difficult position at claim time. This checklist is a good place to start.

When should you review your insurance cover?

The most obvious time is at renewal. But there are other points in time that warrant a review mid-cycle:

• When you take on a new employee, apprentice, or regular subcontractor
• When you buy new equipment, machinery, or a work vehicle
• When you land a bigger contract or a client with their own insurance requirements
• After a claim or near-miss on site
• If your scope of work shifts, for example, moving from residential to commercial jobs

An electrician who adds a new ute mid-year and loads it with tools, but doesn't update their policy, risks finding that a theft claim won't be covered the way they expected. Updating cover at the time of purchase takes a few minutes and can save money and a whole lot of grief later.

The annual trades insurance checklist

Work through each of these areas once a year, ideally before your renewal date.

Business details

Check that your business name, ABN, trading address or business premises, and contact details are all current. If you've changed your business structure, say, from sole trader to a company, that needs to be reflected in your cover. Small admin details can have real consequences if they're out of date at claim time.

Employees and subcontractors

Have you taken on any new employees, apprentices, or regular subcontractors? Cover set up when you were working alone may not extend to the people now working alongside you. Ask your insurance broker specifically about how subcontractors are handled, as this is an area where assumptions can get tradies into trouble.

Tools, equipment, and vehicles

Go through your gear and think about what you've added, upgraded, or disposed of since your last renewal. It's easy to accumulate equipment over the year and forget that your sum insured hasn't kept up. The risk is being underinsured: if a builder updates their machinery without notifying their insurance company, a theft or damage payout may fall well short of the actual replacement cost. The same goes for commercial vehicle insurance. If you've added a ute, van, or trailer, make sure it's on the policy.

Types of work and contracts

Do your current business operations look different from what they did a year ago? Moving into a new type of trade work, taking on larger projects, or working in different environments can affect your risk profile. Some contracts, particularly with head contractors or commercial clients, will specify minimum insurance requirements, so it's worth checking any new contracts against your current cover.

Products and public liability cover

Most tradies have this in place, but it's still worth reviewing the limits. Industry standards typically range around $5 million, but $10 million or $20 million is increasingly common for larger sites or commercial clients. If your work has grown or your client base has changed, your current limit may need revisiting.

Illness or personal accident cover

This protects your income if you're injured and can't work, and it's one that many tradies overlook because it's not always a site requirement. For sole traders and small business owners, it can be the difference between keeping your business going and shutting up shop while you recover. If your income has changed or your working situation has evolved, review this cover to make sure it still fits.

Optional covers

Think about whether any additional covers are now relevant. Plant and machinery insurance is worth considering if you're running heavy equipment. Trailer insurance is practical if you're regularly hauling gear. And if any part of your business runs digitally, such as invoicing, quoting, or client management, cyber cover is increasingly relevant. We've recently seen a plumber nearly make a fraudulent payment after a convincing phishing email. It's a growing risk, even in the trades.

Questions to ask your insurance broker or adviser

Coming prepared with a few good questions helps you get more out of your annual review. Key ones to raise include:

• Are there new or better-fit products available since I last updated my cover?
• Can bundling multiple covers through one provider reduce my insurance premium?
• What are the key exclusions and limits I should be aware of?

We've helped tradies identify gaps in their cover during routine reviews that, had they gone unnoticed, could have led to disputes or high out-of-pocket costs at claim time. Those conversations are always worth having.

Common mistakes tradies make when reviewing insurance coverage

Even tradies who do get around to a review can run into issues.

Forgetting to update after business changes

A new vehicle, new staff, or a bigger contract can all slip through when you're busy. Get into the habit of notifying your broker whenever something significant changes.

Underestimating replacement value

People often insure gear for what it cost originally, not what it would cost to replace today. With rising equipment prices, that gap can be costly.

Not reading the exclusions

A policy might look comprehensive until you check what's excluded. Your broker can walk you through the key limitations so there are no surprises at claim time.

Auto-renewing without reviewing

Renewing with the same details year after year is one of the most common ways tradies end up with cover that doesn't match their business. A handyman who took on an employee mid-year but didn't declare it had a claim disputed because the policy was still set up for a sole trader.

How Tradesure makes annual reviews easy

Working with Tradesure means the review process doesn't have to be complicated. You don't need to come prepared with all the answers; our team of insurance brokers are experienced in guiding tradies of all sizes through these conversations, from sole traders just starting out to business owners running a crew.

Should you ever need to make a claim, you won't be navigating it alone. We liaise with insurers on your behalf and keep things moving until it's resolved. One tradie was back on site within days of a major equipment loss, simply because we took that burden off their plate. That's what we're here for.