Wounds, lacerations, fractures, traumatic joint injuries, hearing loss, musculoskeletal disorders, mental health issues, and lung conditions, are just some of the health risks that tradies face. According to Safe Work Australia, tradespeople make up 30% of the workforce, but account for 58% of serious workplace injury claims.
The insurance market is a ‘hard’ or sellers’ market right now. So, what does that mean, and what’s the likely impact on your business. Think of the insurance cycle as a clock. At the top, the 12 mark, where we’re heading, is the hard market, when insurance premiums get pricey. At 3 o’clock, you’ll see insurers chasing market share; 6 pm it’s a buyers’ market with cheaper premiums; then, at 9 pm, insurers start to weed out the riskier activities and industries. Each cycle is unique but typically lasts between two and 10 years. Australia was pulling out of a five-to-seven-year soft cycle even before the pandemic hit.
As a responsible and committed business, we believe that it is important to keep our valued clients informed about the insurance market, especially where events are likely to have a significant impact on overall insurance costs. Like any industry, insurance is subject to periods of expansion and contraction, usually driven by external influences both globally and nationally. Those influences can take many forms, including financial uncertainty, natural disasters and other major events.