Trade Pack consolidates essential coverages into a single package, reducing the need for multiple standalone policies. The core offering includes public and product liability insurance, with optional add-ons such as general property, tax audit, cyber protection, individual personal accident, mobile plant, and registered mobile plant liability. This flexibility allows tradies to tailor their insurance to their specific business needs.
Robin Johnson, CEO of Hutch Underwriting, highlighted the efficiency of Trade Pack, stating that it addresses the complexities and costs associated with managing multiple policies. By integrating various coverages, the package not only simplifies the insurance process but also offers cost savings by minimizing administrative fees and duplication.
Targeting SMEs with an annual turnover of up to $5 million, contractor expenses up to $500,000 or 30% of payroll, and mobile plant assets valued up to $250,000, Trade Pack is accessible to a broad range of trades, including carpentry, landscaping, painting, and shop fitting. However, higher-risk trades such as demolition or plumbing are excluded from the insurer's risk appetite.
The launch of Trade Pack comes at a crucial time, as Australian SMEs face increasing financial pressures. A recent report by CreditorWatch indicated a 47% annual increase in B2B payment defaults through February 2025, signaling heightened financial distress among businesses. In this context, a streamlined and cost-effective insurance solution like Trade Pack can provide much-needed support to tradies navigating these challenges.
In summary, Hutch Underwriting's Trade Pack offers a tailored, flexible, and efficient insurance solution for Australian SME tradies, addressing longstanding pain points in the broking process and providing comprehensive coverage options to meet the diverse needs of the trades industry.
