Insurances

Workers compensation cover in Tasmania does not apply to contractors. The Workers Rehabilitation & Compensation Act requires contractors to hold cover for Accident Insurance (Income Protection insurance).

Each Contractor is required to hold Accident Insurance. Contractors are offered TO, FROM and AT WORK Cover through SRS Underwriting Agency. The cover offers 85% benefits for a maximum of 2 years of average income (through TCS), with an excess period of 7 days (TCS contractor support officer may be able to assist contractor's claims for Centrelink Benefits for the 7 day excess period).

In many cases this type of insurance can mean a previously injured worker, who may have a settled (or not) workers compensation claim or other similar injury or illness, can re-enter the workforce, as a contractor, possibly at the previous employer's worksite where the injury may have occurred. Similarly an injured worker may contract to another business, utilising his expertise within his chosen field of work, without threat of a further injury claim to that business.

Each contractor is required to hold Public Liability cover of $20 million. TCS has sourced insurance cover from a major broker - AON.

Service fees for these insurances are charged to the contractor based on a percentage of the contractors' gross remuneration and are deducted from contractor remuneration guaranteeing continuous cover.

Insurance cost are tax deductable for the contractor.
Contractors can arrange their own Accident and Public Liability Insurance.