Contractor Insurance

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Business Insurance for Contractors*

Contractor insurance can cover a number of different issues that occur in a wide range of businesses. There are construction contractor insurance policies, electric contractor insurance policies, professional contractor insurance lines, and other trade contractor insurance lines. Different types of contractors face various risks and as a result have different insurance needs.

One thing is consistent across the board. Self-employed contractors are responsible for obtaining their own business insurance.

Trade contractors have high business risks, including injury, liability, and more. Professional contractors risk being sued by the clients for faulty or negligent advice.

The team of friendly insurance brokers at Smart Business Insurance has been helping contractors determine suitable insurance for their business and are here to help you.

Many Contracting business owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

Contractors can access many BIG name insurers AND
industry specific underwriters here.*

Your QUESTIONS regarding
Contractors Business Insurance ANSWERED.*

Self-employed contractors have risks that other business owners may never encounter. There are health risks that include getting injured on the job and prevent you from working for extended period. However, there are also risks that affect third parties such as your work activities causing harm to your clients person, damage to their property or loss of income or reputation to their business. Some of the most necessary insurance products available for contractors in Australia include:

  • Public Liability Insurance
  • Professional Indemnity Insurance
  • Personal Accident Insurance
  • General Property and Tools

Public Liability Insurance for independent contractors

Public liability insurance for contractors protects contractors when there is injury or damage to a third party or third party property, such as a client or the client’s property. This coverage is the most crucial insurance for any contractor and for some occupations is required by law or to get on site.

Professional Indemnity Insurance for private contractors

Professional Indemnity Insurance in Australia is also known as errors and omissions insurance. This coverage is meant for professional services, such as IT contractors and other professional service providers. This type of insurance can protect your company’s assets if damage occurs because you did not do something properly or there is ambient claim against you.. For instance, for IT contactors ,if you did not conduct due diligence and installed virus-ridden software on your client’s computer, which caused their entire system to crash, your professional indemnity insurance may cover the claim. This type of coverage is another type of insurance that most professional contractors that provide advice for a fee need.

Personal Accident Insurance for self-employed contractors

As a self-employed contractor your personal safety is your livelihood. Time away from work from an accident will have a direct impact on your income and that a long period away can negatively affect your savings, family and lifestyle. Personal Accident Insurance may help you and your family pay for essential bills and other financial commitments when you have an accident.*

General Property and Tools Insurance

As a contractor, you may have mobiles, laptops and tools that allows you to do your job. If your property is damaged or stolen, your business cannot operate effectively. Some of this equipment can be so costly you will be put out of business replacing it. General property insurance can help you keep operating effectively. It can provide needed funds to replace such property if anything were to happen to it that could hurt your business.

Professional indemnity insurance coverage is intended for professional service contractors. These include IT contractors, business coaches, engineering contractors, project managers, marketing consultants and graphic designers, to name a few. These professional contractors require professional indemnity insurance because of the risk around the advice and services they provide.

If a professional contractor makes an error, such as providing incorrect information , makes an omission in due diligence, or provides advice that leads to damages or losses for a client , a client may seek damages from the contractor. Professional Indemnity Insurance may help these contractors stay in business by paying for legal defence costs, and for damages if awarded against them.

Contractor public liability cost are directly related to your business risk and income. The higher the occupation risk and more money your business earns, the more costly the insurance policy can be. Since public liability insurance is designed to pay your clients when there is an issue that causes physical or property damage, the costs to insure your independent contractor business can be very reasonable compared to what you may have to pay out from your own pocket if damages were sought from you.

Contractor public liability policies for sole traders starts around $580. However, you may pay thousands of dollars or more for a policy if you operate a large contracting business with many employees.

Do not waste another minute with the wrong coverage. To learn more about contractor insurance, contact the friendly brokers at Smart Business Insurance at 1300 542 573. Our licensed professionals will be happy to answer any questions you have.

If you are a contractor deciding on whether to use an insurance broker for your professional indemnity insurance it is important to consider that brokers act in the interests of the small business owner. Direct insurers and agents act for the insurer. This can be important especially if you need to claim.

Brokers can help contractors by sourcing competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.

  • We may act for you – contractors – not the insurance company
  • You’ll receive a competitive quote on a suitable policy
  • You receive responsive friendly service.
  • You’ll receive a competitive rate on a suitable policy year after year
  • You’ll have us in your court if you need to claim
  • Monthly payment options
  • We’ll do the leg work for you!

Want guidance on Business Insurance coverage for your Contracting business?
Get in touch. Here to help you.*

Need more CERTAINTY regarding your business insurance cover?
Have questions or want GUIDANCE?
Get in touch. Here to help you.*

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Small business owners DESERVE to get insurance cover at an
affordable price – and KNOW what they are covered for.*

We are business insurance brokers

What does this mean to you ?
What that means is that we are YOUR representative, and our first responsibility is to YOU, unlike an insurance agent who represents the insurance company.

And in the event of a claim, we fight for YOU, which may mean a faster and more successful claim.^

^Important : We have no power to authorise claims. However, our experience and assistance can help you when you have a claim.

SMART BUSINESS INSURANE BROKERS

REAL LIFE STORIES of small business owners who were UNCERTAIN about their business insurance coverage NOW operating with CONVICTION.*

Need expert Insurance Advice?
Get in Touch:*

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Learn More About Insurance for your Business:*

GET The SMART Edge

· We may act for you – not the insurance company
· We may obtain multiple quotes for you on suitable policies from leading insurance companies and underwriters
· You receive responsive friendly service.
· You’ll receive a competitive rate on a suitable policy year after year
· You’ll have us in your court if you need to claim
· Monthly payment options
· We’ll do the leg work for you!

Find out more.