Working as a contractor gives you the freedom to set your own rules without having to answer to an employer. However, working as a contractor also means that you have the responsibility of organising your own insurance and we see far too many contractors who don’t have adequate cover in place. Today, we’ll be looking at just some of reasons why it’s essential that contractors have the right insurance package in place.
Offer peace of mind to clients
One of the biggest reasons why you need to have insurance in place is that it not only covers you but also covers your clients. For example, public liability insurance covers you financially if you cause injury to a person or damage to property as the result of your actions at work and it provides peace of mind to your clients that you’ll be able to pay for the cost of a claim. In many cases, clients will want confirmation that you have liability insurance in place.
Protect yourself financially
Working as a contractor means that an unexpected expense can have a huge financial impact on your business which is why insurance cover is so important. An incident such as your tools or equipment being stolen can be very expensive when you have to fund replacements which is why cover such as general property insurance are essential. Your broker will be able to take a closer look at the risks you face in your work and arrange appropriate cover.
Ensure continued income
Although working for yourself allows you a lot of flexibility, it also means that you don’t have entitlements such as sick leave which you normally get through an employer. However, with the right insurance in place you’re able to have financial cover if you find yourself unable to work. Personal accident and illness insurance means that you’ll continue to receive a portion of your income if you’re unable to work due to an accident or illness.
Meet mandatory obligations
For many contractors, insurance isn’t just important from a financial perspective but is also mandatory to meet your licencing requirements. For example, public liability insurance and professional indemnity insurance are two of the most common policies which are often mandatory requirements. Without an employer taking care of your insurance cover on your behalf, you need to make sure that you’re meeting your industry standards when it comes to insurance cover.
Contractor Cover are the specialists in contractors insurance Australia and we’ve included the most recommended insurance policies for contractors into one convenience package. This means you don’t have to run around getting multiple quotes and policies – it’s all included. With access to one of Australia’s largest insurers, we can provide the best insurance cover at an affordable rate.
For contactors insurance coverage, contact Contractor Cover today on 1300 438 268