1. How many people are on your books?
We ask how many people work in the business, on a full-time equivalent basis. If it's just you, enter 1.
For example: if you work full-time and have two casuals each doing 20 hours a week, those casuals add up to one full-time equivalent - so you'd enter 2.
The maximum is 5. We can't cover businesses with 6 or more.
Subcontractors don't count. If they have their own ABN, they hold their own policy - they're not yours to insure.
Meet Pete - a sole trader carpenter, with no employees yet. After choosing ‘Carpenter/joiner’, he selects ‘1 (only me)’ on his quote.
2. Which cover limit?
VIZ offers three public liability limits: $5M, $10M, and $20M. This is how much you can be covered by your policy.
A lot of builders and principals specify a minimum limit as a condition of working on site. Make sure to check your contracts.
Pete opted to go with $5M of cover.
3. Which state do you work in?
State governments charge stamp duty on certain insurance premiums. The rate depends on where you primarily operate:
NSW 0% for Public & Products Liability (for businesses with <$2M turnover), 9% for Tools of Trade and Tax Audit
ACT 0%
QLD 9%
VIC 8%
SA 11%
WA, NT and TAS 10%
Pete is from Campbelltown, NSW, and pops ‘NSW’ on his quote.
4. Anything else?
Tools cover. This is an optional extra you can add to your public & products liability. Cover for $5,000 of unspecified tools starts from $31.51 a month. The more gear you need to insure, the more it costs.
Monthly payments. You can pay your policy all upfront (policy fee + full premium) or spread it monthly (policy fee + 12 monthly payments). Same total either way - no extra fees or interest for paying monthly.
Multiple occupations. A VIZ policy can cover multiple occupations under one premium. A carpenter who also takes on handyman work can put both on the same policy.
Excess. This is how much you pay when a claim is approved. Default is $500; however, it can be increased and your premium will lower accordingly.
Pete chose to pay monthly as it doesn’t cost any extra (A $27.50 Policy Fee + 12 x Monthly Payments of $28.84 for a total of $373.58) and keeps his excess at $500.
Pete's policy, start to finish
Pete runs a one-man-band carpentry business in Campbelltown, NSW. Here's how his policy came together:
Employees: 1 (just himself)
Cover limit: $5M
Excess: $500 (default)
State: NSW
Payment: Monthly
Total: $373.58
Annual Policy Fee: $27.50
Monthly Payment: $28.84
Frequently Asked Questions
Does adding a second occupation change the price?
Sometimes. We set your premium based on the single highest rated occupation that you've listed. That's why a shopfitter adding general carpentry to their policy won't see a change in price - but a carpenter adding shopfitting to their policy will see their premium increase to the shopfitting rate.
Does paying monthly cost extra?
No. While some insurance providers charge extra for monthly payments, VIZ keeps the total cost the same whether you pay monthly or annually. We don't think you should be penalised for looking after your cashflow. The $27.50 policy fee applies to all policies upfront - it's not an extra charge for paying monthly. No extra fees, no interest either way.
Pete was previously insured through a broker. To pay monthly through a broker, Pete was signed up to a Premium Funding Loan. Pete was paying interest on the insurance premium, the broker fee and the government taxes/charges.
What is the policy fee for?
The $27.50 policy fee on all policies is a flat annual administration fee that helps cover our administration and merchant costs.
What is an excess?
The excess is the amount you pay when a claim is approved. The default is $500; however, it can be raised and your premium will lower accordingly.
Will my price change if I take on more employees?
Yes. More people on the books means more risk and a higher premium. That includes full-time, part-time and casual workers counted as full-time equivalents. Subbies with their own ABN don't count.