What do I need to know about insurance? How do I protect my income and livelihood?
Why consider taking out various forms of insurance? There are a number of financial hazards that can occur in life with potentially devastating financial implications. Fortunately these consequences can be avoided by taking out appropriate insurance policies.
- Have you considered how your family would cope financially with the death of yourself or your partner?
- how you would maintain your financial commitments if you were unable to work in the short or long-term because of illness or injury?
- how the effect of a major trauma event such as cancer, heart attack or stroke would impact on your lifestyle and financial plans?
Through the implementation of the appropriate wealth protection strategies, you can minimise the financial impact some of these events may cause. Insurance policies that have general and important relevance to most people include:
However, there are certain types of insurance of particular importance to those entering into a contracting role. These include:
Income Protection Insurance
Do you have a policy in place? What definition of disability is used by your policy? As your income from contracting may be irregular, what definition of income is used by the policy? More >
Professional Indemnity Insurance
As a contractor you could find yourself liable for work you perform under your contract. Accordingly, you need to consider the establishment of Professional Indemnity insurance.
Workcover
Do you need to take out separate cover or are you covered by the policy held by the organisation you are contracting to?
