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Independent Contractor Insurance


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 coverage 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 below are lists of the different types of insurance that may be appropriate for you and your consulting business:

Business Insurance Coverage

-All Risk 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 Coverage

-Critical Illness Insurance
-Dental Insurance
-Health Insurance
-Income Protection Insurance
-Life 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 coverage 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.

Some aspects of risk and 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.



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Content copyright © 2014 by Denise M. Castille. All rights reserved.
This content was written by Denise M. Castille. If you wish to use this content in any manner, you need written permission. Contact Denise M. Castille for details.

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