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If you’re self-employed, and want to sleep easily at night, then you should certainly think about being covered by some of these policies:
Let’s have a look at those in a bit more detail.
This insurance is compulsory for many Australian businesses. Public Liability Insurance could be your saviour if you are sued for injury, or damage to property, caused by your alleged negligent business practices.
Being sued by a customer, supplier or member of the public could leave you with a big legal bill. Even if you are clear of any wrongdoing, as the business owner, you’ll be the one who’s legally responsible for any legal and compensation costs.
Public Liability insurance is designed to provide protection* for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
You’ll have to check the precise details with individual insurers, but generally, the following things can be covered by Public Liability:
It’s worth checking your policy closely as all insurance has some exclusions. Here are some of the more typical exclusions in Public Liability:
Imagine, you have a minor incident at work, maybe slip off a ladder and break an ankle, It might even happen when you’re playing in the back yard with the kids, or you suddenly get ill or catch an infection that puts you out of action.
Suddenly you find yourself in a situation where you can’t work for a while. How are you going to pay all the bills without an income? That’s where a Personal Accident and Illness insurance policy could be beneficial.
Personal Accident and Illness insurance* can provide levels of cover for loss of income if you are unable to work, permanent disablement and even death as a result of an unexpected injury or illness (even if it occurs outside of your employment).
By covering your income for a period, you can concentrate on recovering, stress free. Some policies offer extra cover beyond loss of income due to injury or illness, things like death, disablement and business expenses.
As individual policies will vary, you’ll have to check these details with your provider.
Typically, the following things may not be covered by these policies, but you should check the details with your insurer:
Obviously, you are your business’s main asset. But, you need your equipment to do your job. Ladders, brushes, spray guns, rollers etc. Could you afford to replace all that stuff should it be stolen, lost or damaged? If not, then you should definitely consider Portable Equipment Cover.
Portable equipment or general property insurance can cover specified items such as tools, business equipment or electronic items. You can choose between comprehensive cover which can include accidental damage cover or insured events cover (for events such as fire, theft by forcible entry, explosion or storm).
iSelect has partnered with BizCover to compare business insurance policies and select the one which suits your Painting business. Get the reassurance of being properly insured, start checking for suitable policies online today.
Last updated: 27/04/2022