Gig workers are becoming the backbone of the Australian economy. They provide an essential service to businesses and consumers alike. But what happens when something goes wrong and they're injured on the job?
Gig workers here are classified as independent contractors. This means that they're not entitled to the same protections as employees. For example, they're not covered by workers' compensation insurance.
This can leave all sole traders in a very precarious position. If they're injured on the job, they may have to cover the costs of their own medical treatment and time off work themselves.
This is why it's so important for gig workers to have adequate insurance cover. There are a few different options available, but not all of them are created equal.
Public liability insurance is one option that gig workers should consider. This type of insurance covers you if you're held liable for damages or injuries caused to someone else. For example, if you accidentally damage someone's property while you're working, public liability insurance would cover the cost of repairs.
Whereas, personal accident insurance is the type of insurance that covers you for medical expenses and lost earnings if you're injured in an accident. It can also cover you for death or disability caused by an accident.
Product liability insurance is another type of insurance that can help cover some important costs, especially if you are a freelancer, independent business owner or product based sole trader. This type of insurance covers you if you're held liable for damages or injuries caused by a product you sell or distribute.
For example, if you are a mechanic and by chance end up selling a faulty spare part or garage product, this insurance will save you much of the liability.
Gig workers should also make sure they have adequate income protection insurance. This type of insurance covers you if you're unable to work due to an injury or illness. It can provide you with a replacement income so you can still pay your bills and support yourself and your family.
There are a few different options available when it comes to income protection insurance. You can choose to have it cover you for a certain period of time, or you can have it cover you until you retire.
It all comes down to analyzing and deciding what is the best cover plan for you and your rideshare or delivery vehicle, van, truck or any other loading vehicle in case you are a sole trader.
Personalizing your insurance cover is the best available option to pay for what you need and redeeming it effectively. Check out the MyGigsters partnerships to avail exciting offers on insurance covers and tax filing!
