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Independent Contractor Insurance:
The Essentials

Introduction to Independent Contractor Insurance
Despite your skills, experience and best endeavours it is always possible that something can go wrong. As with any commercial venture, there are a number of risks inherent to operating as an independent consultant or contractor.

It is important to identify and evaluate the key risks that you will be taking as an independent consultant. For each of these risks you need to determine whether it is compulsory for you to purchase Insurance to provide protection or whether Insurance cover is optional.

One response to reduce your exposure to loss is to purchase Insurance which in the event of an accident or claim against you would either remove or reduce the adverse financial consequences.

Set out on this page and the pages linked below is some basic information to assist you with understanding the key risks associated with operating as an independent consultant or contractor. In addition I have provided information on the insurance products that directly relate to each risk.

Some aspects of risk and the corresponding insurance requirements are quite complex. Therefore, you should seek expert advice from an appropriately qualified independent professional as you work through the process of understanding the risk profile of your own consulting practice and identifying the most appropriate responses to each risk.

Types of cover
Set out below are lists (presented in alphabetical order) of the different types of Insurance that may be appropriate for you and your consulting business. The links are to tier 3 pages on that provide more information on each category of independent contractor insurance.

It is important to differentiate between the Insurance requirements of your consulting practice i.e. your Business and your Personal Insurance requirements. Both categories should be given careful consideration as you work through the transition from employment to self employment.

Do not neglect consideration of your Personal insurance requirements, particularly if you are leaving a fulltime employment where your current package of benefits includes cover funded by your employer for the cost of Family Medical Insurance, Dental Insurance and basic Life Insurance. These and other benefits will be lost once you terminate your contract of employment.

Business Insurance
All Risks Insurance
Business Interruption Insurance
Employers Liability Insurance
Jury Service Expenses Insurance
Key Man Insurance
Legal Expenses Insurance
Motor Insurance for Contractors
Product Liability Insurance for Contractors
Professional Indemnity Insurance
Property and Contents Insurance
Public Liability Insurance
Tax Investigation Insurance
Tax Loss Insurance
Travel Insurance

Personal Insurance
Critical Illness Insurance
Dental Insurance
Health Insurance
Income Protection Insurance
Life Insurance

Sources of Advice & Information on Independent Contractor Insurance
Insurance Consultants
Professional Liability Insurance Brokers
Professional Liability Insurance Companies

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