Insurance 101 for Freelancers
Insurance 101 for Event Freelancers in Australia
When you’re diving headfirst into the event industry as a freelancer, getting your insurance sorted isn’t just a box to tickāit’s your safety net. Here, we break down the types of insurance you should have on your radar and why they matter.
1. Public Liability Insurance (PLI)
This one’s a biggie. PLI covers you if someone gets injured, or their property is damaged because of your activities. It’s not just about covering your back; it’s often a requirement by clients or venues before you can even start your magic. Plus, itās crucial for your clients to have their own PLI. This ensures that all bases are covered, regardless of whose responsibility the incident falls under.
Understanding Roles and Liability
In the mix of organizing an event, knowing who’s calling the shots and where the buck stops is crucial. If you’re not the one with your hands on the budget levers or making the final calls, you need clarity on who is. The owner and promoter of the event hold significant responsibilities, and understanding your role in relation to theirs is key to identifying where liability might fall.
2. Professional Indemnity Insurance
Mistakes happen, but sometimes they can lead to financial loss for your client. That’s where Professional Indemnity Insurance comes in. It protects you against claims for damages arising from your professional advice or services. Think of it as a buffer for those āOh noā moments that can potentially turn into āOh no, Iām being suedā situations.
3. Equipment Insurance
For those of you lugging around pricey gear or tech, Equipment Insurance is your friend. It covers the repair or replacement of your tools of trade if they’re lost, stolen, or damaged. Because letās face it, a broken lighting rig or a drowned camera wonāt just ruin your dayāit could derail your business.
4. Income Protection Insurance
Not as commonly discussed but equally important, Income Protection Insurance safeguards your greatest assetāyou. If youāre unable to work due to illness or injury, this insurance can help cover your living expenses until youāre back on your feet.
The Bottom Line
Insurance might seem like just another to-do on the endless list of freelancing in events, but itās the backbone of your risk management strategy. It’s not just about protecting yourself; it’s about ensuring the show can go on, come what may. Dive into the specifics, understand the roles within your events, and ensure you (and your clients) are covered. Peace of mind is priceless, especially in an industry where unpredictability is just part of the job description.
Remember, insurance specifics can vary, so itās wise to consult with an insurance advisor to tailor the coverage to your unique situation. This blog aims to start you on the right track, empowering you with the knowledge to protect your business, reputation, and financial future.
Great read, definitely agree it’s key to make sure you are covered and agree get some advice on your specific needs, everyone’s situation is different. Reach out and DM me if you have any questions or need a broker contact. CT
This is a great post. I think it could possibly go one step further by assisting Freelancers in being able to describe their business undertakings in a way that brokers and insurers might understand. I appreciate that you need to be VERRRY generic in the information and certainly not providing advice as such, but identifying what type of insurance you need is one thing, but then being able to articulate that in a way that insurers and brokers can understand is another.
Else, maybe recommendation for a broker or two that understands the particular nuances of the freelance event world may not go astray?
I’m all for people being appropriately covered, but am fully aware the cost of doing so is often a big barrier.
Hi Tristan, All good points! Yes we don’t want to say we are giving advice on this as every situation is different. We work with a great broker who really understands event Lucy@foyes.com.au. We are also working through some offers with some insurers to be able to provide specialists on here with access to reasonably priced insurance to try reduce that barrier.