With over two million self-employed Australians across the country, there are a lot of advantages to working for yourself. However, it also means that you often don’t have the same level of protection as an employee which means you need to make sure you have insurance in place for your financial peace of mind. Let’s explore the main policies you need to consider as a self-employed contractor.
Professional indemnity insurance
Professional indemnity insurance is designed to protect professionals who provide advice and/or services. It offers financial protection if a third party makes a claim against you for breach of professional duty or negligence. For many contactors, you won’t be able to practice without this cover in place.
Public liability insurance
Public liability insurance is essential cover for most contractors. This policy will protect you financially if you cause injury to a person or damage to property as the result of your actions at work. It also covers your legal bills if you need to hire a lawyer during the claims process.
General property insurance
Contractors often carry around equipment such as phones and laptops in their day to day work. Consider for a moment how expensive it would be if something happened to these items while you were on the road. General property insurance has you covered by protecting your transportable items if they’re lost, damaged or stolen.
Personal accident and illness insurance
Personal accident and illness insurance means that you’ll continue to receive a portion of your regular income if you suddenly find yourself unable to work due to an accident or illness. For contractors, this means you don’t have to worry about the financial strain of not earning an income while you recover.
Tax audit insurance
When you’re a busy contractor, the last thing you need to worry about is handling an unexpected tax audit yourself. With tax audit insurance, you’ll be reimbursed for the costs of hiring an accountant or other tax professional to complete the audit on your behalf.
Life Insurance
Life insurance gives you the peace of mind that your loved ones will be taken care of in the event of your death. With this policy, your nominated beneficiaries will receive a once off lump sum in the event of your death. This payment can be spend as your family sees fit.
At Contractor Cover, we provide clever insurance for self-employed contractors. We’re backed by one of the largest insurers in the world which has allowed us to arrange the best price for contractor insurance. Our unique approach combines the most common forms of insurance cover into a single policy for the ultimate in convenience. If you need additional cover outside of our contactor package, simply speak to one of our brokers and we can assist.
For cost effective insurance for self-employed contractors, contact Contractor Cover today on 1300 438 268.
