We specialise in insurance for subbies, and we will work hard to find the right cover for you at a competitive price.
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In this guide we’ll take a look at the various forms of insurance for subcontractors, how you can benefit from them and how much they’ll cost you.
Insurance for Subcontractors
There are two main forms of insurance which are important for subbies, and these are public liability and income protection.
Both of these policies are designed to protect you financially against the risks that your employer would cover if you were still working on wages.
The three main risks covered by these two policies are as follows:
- Suffering a personal injury or illness yourself
- Causing personal injury to another person
- Causing damage to another person’s property
If you’re a subcontractor, you’re on your own when it comes to these risks.
The person or company hiring you is not responsible for any damage or loss that you cause, or for any injury that you sustain, so it is vital that you have your own adequate cover in place.
Let’s take a closer look at these two forms of insurance.
Public liability will generally be the first type of insurance required by a subcontractor. Not only is it a great cover to have, but most worksites will actually require that you have this cover.
If you cause property damage or personal injury to another person as a result of negligence, your policy will cover the costs of a claim against you for damages.
You can learn more about public liability insurance here.
Some people call it accident and illness, and others mistakenly call it workers compensation, but a proper income protection policy is there to cover your own income if you cannot work due to injury or illness.
As a subbie you will often find that income protection is required before you’ll be allowed onto the jobsite.
Basically the cover will replace the majority of your income for a period of time whilst you cannot work due to either injury or illness.
We have more detailed information about income protection here.
When you make the switch from being an employee to a subcontractor you can gain a lot in terms of control over your time and your income, but you also lose a lot in the way of protection.
No longer do you have a big company to protect you if things go wrong, and in most cases you won’t have any sick leave or other benefits.
It is vital that you make sure you subcontractors insurance is up to scratch, especially your public liability insurance and income protection insurance.
For more information or to obtain a quote on your insurance please complete our online quote request or call our office on 1800 808 800.