NRMA Business vs Trade Risk

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

Brisbane-based insurance broker for trade businesses, run by Trade Risk Pty Ltd

Trade Risk is an insurance broker focused on trade businesses, operated by Trade Risk Pty Ltd, a Queensland company registered in 2012 and founded by Shane Moore. Its website describes broking public liability, personal accident and tool insurance for tradies, with a focus on the construction trades. As a broker it quotes each business individually rather than selling cover off the shelf.

Pros

• + Broker focused on trade businesses, including the construction trades
• + Arranges public liability, personal accident and tool insurance
• + Operating since 2012, with a Brisbane office

Cons

• − No published prices could be checked: each policy is quoted
• − Ask which insurer underwrites each policy and whether a broker fee applies
• − Enquiry and quote process rather than instant online cover