Home – New Forums Money matters Business Insurance – what do I need?

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  • #979395
    Locky
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    I am self-employed and provides engineering technical services to manufacturing or engineering service companies – sometimes on a fixed quotation based on a set of deliverables and sometimes contracting working at home or clients’ premises. What sort of insurance would I require from my clients’ perspective?

    Apart from Professional Indemity, what insurance do I need?
    1) Workers Compensation – believe I do not need this because I do not have employees. Would Income Protection Insurance satisfy my client’s expectation to lessen the burden on their Workers Comp?
    2) any other?

    #1114004
    Divert To Mobile
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    essential:
    workers comp
    public liability

    desireable:
    Professional indemnity
    income protection
    life
    trauma

    Steve

    #1114005
    tonyk
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    I suggest that you visit imar.com.au. Very affordable insurance provider. Best of luck with it all.

    #1114006
    apj
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    I’d recommend speaking with a broker who does business insurance.

    I don’t think you need public liability unless you have an actual place of business though if you work from home your home policy might have an exclusion so its probably worth reading your policy and covering any gaps.

    Definitely professional indemnity and you might want to add product liability to the list if you are engaged for ‘outcomes’ rather than just employed for your time.

    Workcover not needed if you’re not employing anyone.

    Income protection might be a good idea and is tax deductible (unlike life insurance) though its a little harder to get as a self employed contractor.

    Cheers
    Aaron

    #1114007
    Robert72
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    Hi Locky

    I agree with api, professional indemnity cover would be essential and if you’re working from home your general insurance policy will provide some public liability cover, but it pays to check.

    A quality income protection policy can provide long-term benefits; you can also consider business expenses cover which will cover business costs for generally up to one-year. Both policies are generally tax-deductible, again api is right with the life insurance not been tax deductable, however the life and TPD can be held within superannuation giving you the option to make concessional/deductible contribution to cover the premium.

    Here’s a quick summary of the personal insurances is available, personal financial advice is recommended as everyone’s situation will be different affecting the types and levels of cover required.

    • Income protection or disability insurance – covers part of your normal income if you are prevented from working through sickness or accident. Depending on your occupation this cover can provide benefits through to age 70.
    • Business expenses cover – covers certain costs in maintaining your business such as rent and lease payments for up to 1 year.
    • Trauma insurance – provides a lump sum when you are diagnosed with one of several specified life threatening illnesses.
    • Term life insurance or whole of life cover – provides your dependents with a lump sum if you die.
    • Total and permanent disability insurance (TPD) – provides a lump sum only if you are totally and permanently disabled before retirement.

    Hope that helps

    Rob

    http://www.meritumfg.com.au

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