Insurance for the Self-Employed

You might want to consider insurance if you are:  

• Newly self-employed
• Established business owner
• Independent contractor
• Sole trader

No matter what occupation or trade you’re a part of, BizCover can help you find and compare policies designed for self-employed small business owners! 

The types of insurance a self-employed business owner needs will vary depending on their profession and industry. Below are some of the most common policies considered to protect self-employed businesses:

• Public Liability insurance: Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.
• Professional Indemnity insurance: This business insurance covers losses claimed by a third party and defence costs due to alleged or actual negligence in your work. Some industries have mandatory insurance requirements, set either by law or by professional bodies and associations. You may be required to hold a minimum level of Professional Indemnity coverage to work in specific industries within Australia.
• Business Insurance:  Business Insurance is a bundled insurance package that can provide cover for your business assets including, its premises, contents, stock and in the event of business interruptions. A Business Insurance package can be customised to include only the protections your business needs. You might consider coverage for tax audits, insuring your tools and equipment, protecting your premises against theft, and other parts of your small business.
• Personal Accident & Illness insurance: This policy covers you for loss of income if you were unable to work because of an injury or illness, even if you are harmed or fall ill at home, on holiday, or outside of your work.

A Business Insurance Pack is a convenient way for self-employed business owners to protect their property, stock, and other assets under one tailored policy. 

It can be customised to suit your specific needs, with cover options such as Contents, Glass, Theft, Money, Machinery Breakdown, and Business Interruption. You can choose the protections most relevant to your business, whether you run a shop, trade, or professional service.

As a self-employed individual, you rely on your body to be physically fit for the job. Personal Accident and Illness insurance can provide levels of cover for loss of income, permanent disablement and even death if you are unable to work as a result of an injury or illness (even if it occurs outside of your employment).