Compare business insurance quotes with Savvy to help find the best policy for your work as a contractor.
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As a contractor, you’re accustomed to working for yourself and calling the shots. You can often choose who you work for and what type of jobs you undertake. However, along with this freedom of choice also comes responsibility. For this reason, having adequate business insurance is vital if you’re a contractor.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about the type of work you undertake and the insurance you need and you’ll have multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy service to help you compare policies today.
Depending on the type of work you undertake as a contractor, your business insurance needs may differ. However, they’ll likely include the following:
Public liability insurance
Public liability insurance is essential for anyone who deals with members of the public, including customers and clients. It can cover you against claims that your business activity caused injury to a member of the public, or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage and is compulsory in many circumstances in Australia, such as on most building sites and if you’re organising a public event or market.
What it covers:
Professional indemnity insurance
Professional indemnity insurance can cover you against claims that the advice, recommendations or service you provided as a contractor were either incorrect or negligent. It’s an important type of insurance to have for anyone who offers advice or services as a contractor. For example, if you’re an IT professional or contractor, there may be network failures which crop up during your work which you’re found liable for. Cover is available starting from $250,000 up to $10 million or more.
What it covers
General business insurance
If you work as a contractor or sub-contractor, you may be a sole trader or run your own business. General small business insurance can offer cover in a variety of areas, such as if you have portable equipment which you wish to insure. You can take out general liability insurance as a package (which also includes your professional indemnity and public liability insurance, for example).
Commercial vehicles aren’t included, so you may need separate commercial vehicle protection for your work vehicle.
What it covers:
Personal accident and illness insurance
Since you rely on yourself to produce an income as a contractor, taking care of your health should be a high priority. Accident and sickness insurance can provide cover for you if you become sick and are unable to work, offering a weekly replacement income if you’re injured or ill.
What it covers:
Optional extras can include:
Payment of business expenses during your recovery period
What isn’t covered under my contractors’ business insurance?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. There are many factors that influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry and occupation you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. However, location is also considered, meaning the cost of insurance for an IT business in the ACT may be similar to that for an identical IT contractor in Sydney, but different for one in far North Queensland, due to the heightened environmental risks associated with that location.
You can find out how much insurance may cost for your business by comparing quotes right here with Savvy. Whether you need a long-term insurance policy or one for a one-off event, you’ll be able to compare a wide range of options all in one place.
You’ve no doubt worked hard to get where you are now, so it makes sense to protect all that hard work in case things go wrong. Business insurance is there to protect you and your business against a range of eventualities, such as offering cover in certain circumstances for personal injury lawsuits, a fire or theft.
Most contractors and small businesses have some contingency funds put aside for rainy days, but these emergency funds are rarely sufficient to cover the cost of a major catastrophe. If this happens and you have adequate insurance to protect all the important aspects of your business and revenue, you’ll have a much better chance of getting back on your feet quickly.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
