A single mistake cost Billy, a young Sunshine Coast plumber, his ute, tools, and nearly his livelihood.
A single missed payment left him $90,000 out of pocket, forcing him to rely on community fundraising.
Billy’s story is a wake-up call for tradies and small business owners—overlooking a policy renewal payment can have serious consequences.
A quick policy review could mean the difference between a minor setback and financial disaster.
One Missed Renewal, One Stolen Ute, and a $90,000 Loss
Billy built his plumbing business from scratch, investing in a reliable work ute and high-quality tools.
When his ute was stolen from his driveway, he realised his policy had expired just weeks earlier—a devastating oversight.
The ute was found burnt out, and his $30,000 worth of tools were gone for good. Without insurance, Billy couldn’t claim a cent. Instead of getting back to work, he scrambled to replace his stolen tools.
Billy’s boss and the tradie community pitched in to replace some of his losses. But goodwill isn’t a backup plan—insurance protects you from relying on luck, charity, or your savings.
Insurance Oversights That Could Leave You Exposed
Many SMEs and tradies unknowingly leave gaps in their coverage, assuming they’re protected when they’re not.
Some of the most common oversights include:
Lapsed policies: Auto-renewal isn’t guaranteed. A missed renewal can leave you uninsured
Underestimating asset values: Tools and equipment add up fast. If your policy isn’t updated, you may fall short in a claim
Ignoring policy exclusions: Not all policies cover theft, fire, or damage in every situation. If you’re a mobile tradie, check whether your gear is insured overnight in your ute.
A 2024 report found that one in five small business owners are underinsured, facing serious financial risk.
How to Safeguard Your Business and Assets
Insurance exists to keep your business running, no matter what.
Review these key policies to stay covered:
- Comprehensive vehicle insurance: If your business owns a vehicle, this coverage protects against theft, fire, and damage, so you’re not left paying out of pocket
- Tools and equipment insurance: Covers stolen or damaged tools, preventing costly setbacks
- Public liability insurance: Covers injury or property damage to clients or the public while you work
- Tax audit insurance: Helps cover the cost of professional fees if your business is audited by the ATO.
- Regular policy reviews: As your business evolves, your insurance should too. Review policies annually to stay covered. Set a renewal reminder a few weeks in advance.
A recent report found that three in four small businesses that experience a major loss without insurance struggle to recover within a year. Ensuring your policy is up to date can prevent your business from becoming part of that statistic. Keep in mind that being uninsured impacts legality and operational capacity, particularly during disasters.
The Simple Step That Can Save You Thousands
No one expects to wake up to a stolen ute or missing tools. But insurance isn’t about expecting the worst—it’s about being prepared.
As your broker or adviser, we make it easy to ensure you’re fully covered. From checking renewals to tailoring coverage, we help protect your business.
A quick chat today could be the difference between bouncing back or facing a costly setback. Get in touch to ensure your business is properly covered.
