NRMA Business vs Smart Business Insurance

Business and tradie insurance sold direct by NRMA Insurance, a brand of ASX-listed IAG

NRMA Insurance is a retail brand of Insurance Australia Group (IAG), and its policies are issued by Insurance Australia Limited trading as NRMA Insurance. Its business insurance range includes contractor and tradie insurance, public liability and professional indemnity, sold direct rather than through a broker. For tradies, NRMA lists public liability cover options of $5 million, $10 million, $15 million or $20 million, with optional cover for tools, materials and vehicles.

Pros

• + Tradie public liability options of $5 million, $10 million, $15 million or $20 million
• + Optional cover for work tools, materials and vehicles
• + Bought direct, including online, with no broker in between
• + Issued by Insurance Australia Limited, part of ASX-listed IAG

Cons

• − No published premiums; every policy needs a quote
• − Sells only its own policies, so there is no comparison with other insurers
• − Cover terms and exclusions sit in the Product Disclosure Statement, which needs a careful read before buying

Victorian insurance broker arranging business insurance for small businesses, including tradies

Smart Business Insurance Pty Ltd is a Victorian insurance broking business whose ABN has been active since January 2013. As a broker it seeks quotes from the insurers it deals with regularly and places cover on the client's behalf, rather than selling one insurer's policy. Its financial services guide lists business packages, public and products liability, construction and plant insurance among the covers it arranges.

Pros

• + Advised broker that seeks quotes from several insurers on the client's behalf
• + Arranges a broad range of business covers, including public and products liability, construction and plant
• + Premium funding can be arranged to pay by instalments
• + In business since at least 2013 (ABN active from January 2013)

Cons

• − No confirmed public prices; premiums are quoted per client
• − Premium funding for instalments charges interest
• − Advice usually covers only the insurers it deals with regularly, not the whole market
• − Not a trades-only broker