TYPES OF INSURANCE YOU NEED
Health Insurance and Personal Accident Insurance
No matter how tight your budget is, these are the two most basic personal insurance plans you must have to cover medical emergencies and treatment. Personal Accident Insurance is particularly important if you’re doing jobs that require you to move around. It provides compensation should you get into an accident and be unable to work.
Professional Liability Insurance
If you’re providing a service, this will protect you in the event of malpractice. Even if you aren’t at fault, the legal fees required to defend yourself can be expensive.
Premiums can range from $100 a year for small-scale businesses to upwards of $1,000 an event. You can buy these premiums from any insurance provider – the rates and coverage would depend on your needs.
Motor Insurance
This one applies to gigs that require you to deliver goods or carry passengers in your personal vehicle. Since you’ll be on the roads more frequently, the chances of having an accident are higher. Plus, because you’re using your personal vehicle to generate income, you’ll want to get the most comprehensive insurance which protects you if you need to pay for repairs, medical fees, third-party damages and roadside insurance. If you’re driving for Grab, you get special rates with its partner insurers.
You also need protection if you ride an e-scooter or bicycle for delivery services like Foodpanda. Personal accident and medical insurance are a must because some companies charge you a penalty if you are absent from work without a medical certificate.