Many Australians become contractors to enjoy the freedom and independence of being your own boss. However, it also means that you need to arrange things like insurance, which would ordinarily be covered by your employer. Insurance doesn’t have to be difficult – you just need to be confident that you have the right cover in place. Let’s explore our top picks when it comes to business insurance policies for Australian contractors.
1. Professional indemnity insurance
Professional indemnity insurance protects you against the costs associated with a third party claim following negligence or a breach of professional duty. It also covers additional costs associated with an indemnity claim, such as legal and public relations costs. If you provide professional advice or services as part of your role, it’s likely that you need indemnity cover in place.
2. Public liability insurance
Public liability insurance provides financial protection if you cause damage to property or injury to a person as the result of your actions at work. It also covers legal bills if you need to hire a lawyer during the claims process. Liability claims are all too common and a simple incident can result in you being liable for thousands, or even hundreds of thousands, of dollars which is why liability cover is essential.
3. General property insurance
General property insurance covers your transportable items, such as tools and other equipment, if they’re lost, damaged or stolen. Many contractors rely on specialised tools and equipment in your everyday work and these items can be expensive to replace if something happens to them. General property insurance gives you the peace of mind that you won’t have to use your own money for repairs and replacements.
4. Personal accident and illness insurance
Personal accident and illness insurance means that you’ll continue to receive a percentage of your regular income if you’re suddenly unable to work following an unexpected accident or illness. This allows you to continue to keep up with regular expenses, such as rent and mortgage, while you recover. This form of cover is particularly important for contractors as you often don’t have access to regular leave entitlements.
5. Tax audit insurance
If your business is subject to an audit by the Australian Tax Office, it can be a stressful experience. It can also get expensive when you hire a professional to assist. With tax audit insurance, you’re covered for the costs associated with hiring a tax professional, such as an accountant, to complete the audit on your behalf.
At Contractor Cover, we’ve included all of the insurance coverage that the average Australian contractor needs into one convenient package. This means you don’t need to keep track of multiple policies – everything is conveniently included in one convenient bundle. We’re partnered with one of the world’s largest insurers to bring you quality cover at the best price.
For more information about business insurance, contact Contractor Cover today on 1300 438 268 or fill in our easy online enquiry form.