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What is self-employed insurance?

There are around 2.2 million self-employed people in Australia, which shows how many Australian enjoy being their own boss. You set your own hours, choose who you work with, and call the shots. How great is that?
 
Of course, being self-employed might not feel so great when things don’t go to plan. The impact of accidents, mistakes, natural disasters and other unexpected events may land completely on your shoulders.
 
That’s where business insurance comes into play. Having the right business insurance can help you manage the costs of different risks, ensuring your business can continue smoothly despite unforeseen events.

You may also be required by law to have some types of business insurance if you work in certain industries or occupations. Clients and commercial landlords may also require specific policies and amounts of cover to work with them

Business insurance for self employed

Why do self-employed need insurance?

Self-employed individuals may need business insurance to meet legal or contractual obligations, and cover unexpected bills

Enter a jobsite.

Work as a contractor or sub-contractor

Enhance their credibility

Pay legal costs if you face a liability claim

Who needs self-employed insurance?

Business insurance is essential for many types of self-employed businesses, including consultants, engineers, cleaners and many more, like:

What types of insurance do self-employed individuals need?

We offer a range of policies designed to cover your business, tools and services. Build an insurance package that suits your needs and buy in minutes.

Public Liability

Covers costs and legal fees if you negligently cause injury to a member of the public or damage to property.

Public Liability insurance

Professional Indemnity

Covers losses and legal fees as a result of alleged or actual negligence in your professional services or advice.

Contents Insurance

Covers loss or damage to business items at the insured location, such as equipment, stock, machinery, and furniture

Contents coverage

Personal Accident & Illness

Covers individuals for loss of income if unable to work as a result of an injury or illness in or outside of work. Limits apply.

Personal Accident insurance

Let’s cover your small business on the go

Start a quote to see how much you can save and buy online in minutes.

How much does business insurance for the self-employed cost?

The average cost of business insurance for business owners is $41 per month* with BizCover. However, the cost of your policies will depend on different factors, such as the services you provide and the size of your business.

Self employed business insurance cost

How is the cost of insurance calculated? 

Risks of the industry

Cover level amount

Annual turnover

Number of Employees

Claims History

Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.

Get cover that works with the risks of your business

Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.

Cover levels to choose from

  • $5M
  • $20M

Cover levels to choose from

  • $250K
  • $10M

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

Self employed business insurance cost

Factors influencing cost

Risk of the industry

Cover level amount

Annual turnover

Number of employees

Claims history

Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.

Get cover that works with the risks of your business

Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.

Cover levels to choose from

  • $5M
  • $20M

Cover levels to choose from

  • $250K
  • $10M

Unsure how much to choose? Think about:

Statutory professional requirements

Cover required by contracts

Number of employees being covered

Your contract value

Worst case scenario claim size

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

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We’re not ones to blow our own trumpet, but we are pretty proud of our innovative insurance platform, outstanding team, and stellar workplace.

See how much others have saved while purchasing policy through BizCover

Colette

Disability Care Worker from

NSW

Saved

$1,200

on

Public Liability and Professional Indemnity insurance

Disability care worker
Andrea

Beautician from

VIC

Saved

$1,500

on

Business insurance Pack and,
Public Liability and Professional Indemnity insurance

Andrea, Beautician saved $1,500 on Professional Indemnity, Public Liability and Business Insurance
Deborah

Cleaner from

VIC

Saved

$3,600

on

Public Liability insurance

Cleaner from VIC saved on Business Insurance with BizCover
Lance

Electrician from

ACT

Saved

$800

on

Public Liability insurance

Electrician saved $800 on Public Liability insurance
Stephen

IT Professional from

VIC

Saved

$1,500

on

Information Technology Liability insurance

IT Professional saved on IT Liability with BizCover
Linda

Restaurant owner from

NSW

Saved

$1,000

on

Business Insurance Pack and
Public Liability insurance

Restaurant owner saved in Business Insurance with BizCover

Frequently Asked Questions

You might want to consider insurance if you are:  

  • Newly self-employed
  • An established business owner
  • An independent contractor
  • Operating as a 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 type of insurance policies a self-employed business owner needs may vary according to the profession and the industry they operate in. That said, here are some policies self-employed people usually consider to protect their business:

  • 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 an easy, convenient way for butcher shop owners to protect their business property, stock and assets. 

Business Insurance can be tailored to suit your business needs. Popular cover options for butcher shops include Contents, Glass, Theft, Money, Machinery Breakdown, Business Interruption and more. 

Working in a butcher shop means 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).

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