As a contractor, you have a lot of freedom – you have more choice in the jobs you take and are in charge of your own finances. However, it also means that you need to arrange your own insurance so your areas of risk are covered on the job. When it comes to contractors all risk insurance, there are a number of policies you need to consider to ensure you’re protected. Let’s take a look!
General property
If you carry valuables around, such as laptops or other tools of the trade, they can be expensive to replace if lost, stolen or damaged. General property insurance will cover the items you carry around with you on a day to day basis.
Personal accident and illness
If you were suddenly unable to work due to injury or illness, personal accident and illness insurance means that you’ll continue to receive a percentage of your normal income. This allows you to keep up with your living expenses so you’re able to recover before returning to work without having to resort to using your savings.
Professional indemnity
Professional indemnity insurance protects you financially if a third party suffers a loss and makes a claim against you for damages due to an act, omission, negligence, or breach of professional duty.
Public liability
Public liability insurance is essential cover for many contractors and provides financial protection if you cause damage to property or injury to a person as a result of your actions at work. It will not only cover the cost of a successful claim but also legal bills involved in the claims process.
Tax audit
If you’re subject to a tax audit, it can be a very time consuming process and it needs to be done correctly. Not only that, it can also be costly when you need to hire an accountant or other professional to carry out the process on your behalf. Tax audit insurance means that you’ll be reimbursed for the money paid to professionals involved in the audit.
Life insurance
Although life insurance isn’t something we like to talk about, it’s very important to consider what might happen to your loved in the event of your death. Life insurance means that your family will receive a lump sum payment which they can then spend as they see fit.
Contractor Cover specialise in providing contractors insurance coverage in one convenient package. We understand the unique risks that contractors face in your day to day work and we’ve combined the most common forms of cover you need into a single policy. This means you don’t have to run around organising numerous policies – it’s all combined! Speak to our team today for more information.
For contractors all risk insurance Australia, contact Contractor Cover today on 1399 438 268 or fill in our easy online form.
