Working independently means that you’re responsible for all the risks. When a client claims that your advice has cost him or her money, or when you are injured and unable to invoice your employer, there’s no HR team to rely on, and there’s no employer. The proper insurance for freelance workers, consultants, and those who are self-employed is part of a sustainable business.
The difficult part is in determining what policies are relevant to your line of business. There are differences in risk for a graphic designer, an IT consultant, and a physio. All the following coverages have different functions: professional indemnity, public liability, cyber cover, and income protection. A good broker can help you figure out what you actually need to pay for, so you don’t pay for cover that you aren’t going to use, or you don’t miss that one policy that your client’s contract requires you to pay for.
Below are 7 Australian brokers who work with the self-employed. They are genuine (licensed) businesses that you can search for online at the ASIC register.
1. Contractor Cover
If you are self-employed and want a broker who specializes in self-employed people, then a good place to begin is Contractor Cover. It’s located in Nedlands, WA, and has been supported by over 20 years of industry experience and Elliott Insurance Brokers. It encompasses an unusually broad spectrum of occupations, including consultants, accountants, marketers, photographers and allied health professionals.
- Designed for the self-employed: Designed for contractors, consultants, subcontractors and other self-employed professionals in Australia.
- Income Protection Option: Provides personal accident and illness coverage, which may pay a weekly benefit to a covered person if they are unable to work due to an injury or illness.
- Professional Cover: Arranges professional indemnity, public liability and cyber, management liability and combined policies for IT and allied health professionals.
- Online Quotes: Allows a quote to be obtained online and you will receive your Certificate of Currency electronically when you cover it and pay for it.
2. BizCover
One of the most popular internet insurance companies for small companies is BizCover. It has been around since 2008 and allows you to compare and purchase cover online from a range of insurers such as QBE, Chubb, AIG and Suncorp.
- Online Comparison: Shop around for multiple insurance companies and purchase an insurance plan in a single transaction.
- Consultant Cover: Provides professional indemnity insurance for consultants, up to $10 million, as advertised.
- Cover Types: Public liability/Professional indemnity, business insurance, cyber, management liability, tax audit cover.
- Industry recognition: Publishes a win at the 2024 Insurance Business Awards on its website.
3. Upcover
Upcover is a digital-first, Sydney-based broker started in 2019. It’s appropriate when you need to narrow down your choices of cover online in a matter of minutes, and it claims to cover over 4,000 occupations.
- Digital First is a digital-first insurance broker that offers instant insurance quotes online.
- Instant Certificates: Provides an instant Certificate of Currency when required by a client for cover.
- Solid Limits: Professional Indemnity of up to $10 million and Public & Products Liability of up to $20 million.
- Occupation Range: Encompasses allied health, fitness, beauty, support workers, trades, and a wide range of occupations.
4. Webber Insurance Services
Webber Insurance Services is an Adelaide-based brokerage that has been around since 2011. It works with consultants, contractors and soloists as well as small and medium businesses, and has services across Australia.
- Knowledge, understanding, and expertise in professional indemnity and public liability for small businesses and difficult-to-place professional indemnity cover – Professional Indemnity Know-How is a ‘go-to’ broker for this type of cover.
- Professional Clients: Collaborates with engineers, building designers, architects, consultants and contractors.
- Strong Network: runs its own AFSL and is part of the largest broker network in Australia – Steadfast.
- Wider Range: Also arranges business, cyber, contract works, and management liability insurance.
5. MeyerInsure
MeyerInsure is a boutique brokerage, owned by Laura Meyer from regional Victoria. It works well for small businesses throughout Australia and is a great option if you want to know about these things without all the jargon, and in a more human way.
- Self-Employed Clients: Support consultants, creatives, allied health practitioners and NDIS businesses.
- Personal Service: Puts emphasis on clear explanations and long-term relationships, not a transaction.
- Cover Options: Sets up professional, public and products liability, cyber and business insurance.
- Industry Connections: Member of Steadfast, NIBA and ANZIIF and has been recognised in Insurance Business’ Fast Brokerage list.
6. BRIC (Bovill Risk & Insurance Consultants)
BRIC is a boutique broker based in Melbourne since 1996. It concentrates on professional indemnity and builders’ insurance, ideal for technical and project-based professionals working as their own business.
- Professional Focus: Deals with engineers, project managers, building surveyors, accredited certifiers, and IT consultants.
- Industry Endorsements: Endorsed by the Australian Institute of Building Surveyors and a Consult Australia PI Pathway Partner.
- Established Network: A member of the National Insurance Brokers Association and a part of the Honan Insurance Group, a Steadfast network broker.
- Any Size: Applies to any sole proprietor up to a big, diverse company.
7. Marsh
Marsh is an international insurance broker and has a strong presence in Australia, with local brokers who specialise in small and medium business. If you’re looking for a large broker with the assurance of support, but still want to speak with someone about your situation, it may be worth considering.
- Small Business Service: They have a network of brokers throughout Australia who provide cover to small and medium businesses.
- Professional Cover: Sets up professional indemnity and public liability for businesses and individuals.
- Business Packs: Is able to prepare a business pack policy including property, personal accident, and other sections for your industry.
- Large Broker Backing: Carries out cover and pricing negotiations with insurers for you.
What to Look for in a Broker for Self-Employed Work
Before you choose, keep these points in mind:
- Australian Financial Services Licence (AFSL): Ensure that the broker has an Australian Financial Services Licence (AFSL) or is an authorised representative of a broker with an AFSL. You can check on the ASIC register.
- Occupation Fit: Make sure that the broker you select specializes in your kind of work. A broker who has trades may not be knowledgeable about a consulting or creative business.
- Contract / Registration Requirements: Minimum covers are required for some clients and professional bodies. Before purchasing, look at these.
- Income Cover: Inquire if the broker can provide personal accident or income protection, as most of the self-employed individuals do not have sick pay.
Final Thoughts
Self-employment offers freedom, but also brings with it all the risks. The right broker doesn’t just go out and find a policy. They make you feel better about what you’re covered for, what you’re not covered for, and what really needs to be in a client’s contract.
Discuss the matter with several brokers, listen to their explanation, and read the policy wording before agreeing to purchase. This article provides general information only and is not intended to apply to your specific situation; therefore, please consult your policy.
