Insurance for the Self Employed

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Many Australians enjoy being their own boss, which is why self-employment can be so appealing. You set your own hours, choose who you work with, and call all 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.

The expenses from an unplanned event can be costly, potentially destroying your finances and putting you out of business for good. That’s where having the right business insurance can be important, to help safeguard your business for the future against some of these unwanted events.

What types of insurance might be relevant for your small business? Read more here

Did you know?

You may 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.

Who needs Self-Employed insurance?

Insurance might be an important way to protect your business if you work for yourself. Without it, your business and personal accounts could be drained if a claim or lawsuit comes your way. 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!

Industries & Occupations

We can arrange tailored cover for over 6,000 occupations and growing. Here is a list of just some of them:

If your profession or occupation is not listed, just click here and you will be able to find your specific industry or occupation.

Self-Employed Insurance coverage

The type of insurance policies a self-employed business owner may need will vary according to the profession and the industry they operate in. For example, the insurance needs of a handyman are not likely to be the same as those of a real estate agent. Both face different risk exposures, like the nature of their jobs, where they may work, and the assets required to get their work done.

As a self-employed business owner, you might consider:

Public Liability insurance

One key type of cover that most self-employed business owners consider is 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.

If you lease a commercial workspace (such as an office, shop, or warehouse), your landlord may require you to have a Public Liability policy.

Professional Indemnity insurance

If you provide clients with a professional service or advice, you may consider Professional Indemnity* insurance. These policies cover 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. This is common for self-employed professionals who offer customised advice and services. You may be required to hold a minimum level of Professional Indemnity coverage to work in specific industries within Australia.

Business Insurance

Whether you own your own business premises, work on site, or have a mobile business, protecting your assets with Business Insurance* can provide added peace of mind. Business Insurance 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

When you’re self-employed, the success of your business relies on you being there to get the job done. What would happen to your business if an accident or serious illness put you out of action for weeks, months, or even permanently? Personal Accident & Illness* cover 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.

How much does Self-Employed Insurance cost?

There are a lot of factors that go into calculating the cost of business insurance. This means that what you pay for a policy will probably be different from other self-employed business owners (even those working in the same industry). Some things that may impact your premiums include:

  • The industry you work in
  • Your occupation or job title
  • Your business size and turnover
  • Your history of insurance claims
  • How much insurance your business needs

Comparing multiple quotes from different insurers is a great way to better understand how much you can expect to pay for insurance for the self-employed.

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

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