Whether you are a tradesman or software consultant, one should have the appropriate and affordable insurance cover as a contractor.
Heres a quick guide to what youll need:
Public Liability Insurance
Liability insurance is mandatory for most trades in all Australian states. Levels of cover generally vary from $5 million to $20 million depending on your needs. Public liability insurance protects you in the event that someone sues you after suffering a loss due to your actions. Even if it was accidental.
This is only mandatory for tradesmen if they wish to get into a worksite. This cover provides protection for up to 75% of your income in the event that you cannot work due to injury or illness. This type of insurance is not required for non work-site jobs.
Material / Stock Insurance
Whether you need to cover tools or computer hardware, this type of insurance protects all of your materials and stock required for you to do your job.
This insurance protects you against theft, as well as damage or loss due to fire, storm, flood and a number of other events.