If you’re a contractor or sub-contractor, then you need to protect yourself – unlike employees who are generally protected by their business.
Take a look at the different types of insurances available to you, why they’re important and how you can get covered once you’re ready.
Let’s get started!
The benefits of specific types of business insurance for contractors include protection of assets, peace of mind, business continuity, adherence to industry rules and regulations and much more.
Should something go wrong, or if someone takes legal action against you, it’ll pay to have back up in the form of insurance to protect your assets, livelihood and reputation. The alternative could be painful out-of-pocket expenses!
Depending on your occupation (e.g. electrical contractor), you may find public liability insurance is mandatory for you to register and operate your business. Public liability insurance covers you in the event your business activities cause injury, loss or damage to a supplier, customer or member of the public and they seek compensation from you.
Please refer to your industry or governing body for further information about any insurance that may be compulsory and continue reading to learn more about types of insurance available to contractors.
Additionally, you can also consider the following types of business insurance:
There are several other types of business insurance on offer including cyber liability, theft, business interruption, transit and money insurances. Use our free online comparison tool to explore a comprehensive list of options and compare. It’s like a shopping cart!
N.B. All these forms of cover are subject to the terms and conditions contained in the policy wording or Product Disclosure Statement (PDS). Always read your policy wording or (PDS) for a complete overview of what’s covered and the applicable exclusions detailed by excluded by your insurer.
How much your insurance premiums will cost depends on multiple variables. For example, if you’re an electrician, how big are the projects you work on? How much equipment do you own? Have you made any claims recently?
The easiest way to get quotes is to compare. Use our free online comparison tool to fill in your information and review options based on price, features and benefits – in only a few minutes. Simples!
Only you can decide the appropriate level of insurance cover for your business. You can consider what you’re prepared to risk. Can you afford time off work due to illness or injury? What if your tools are stolen or breakdown? These are questions only you can answer. You can call, our trusted business insurance partner, BizCover to discuss the types of insurance that are available.
If your company has multiple employees, then yes, you could pay higher premiums. However, if your business structure is a company for tax purposes and you’re a sole operator , then no, your premiums may be more affordable. For more information on insurance for sole traders, check out our guide.