Insurance FAQ’S

Several factors can impact the cost of policy premiums for MSPs in Australia. These include the type of coverage your business activity requires, such as Professional Indemnity, Public and Products Liability, or Cyber insurance, which can all be included inside an Information Technology policy. The nature and scope of your business activities, the services you provide, and the sensitivity of the data you hold may also affect your premium. Other contributing factors include annual turnover, number of employees, location, claims history, and the cover limits and applicable excess you select. Because each business is different, costs can vary significantly, and premiums may change at renewal in line with risk and claims experience.

The insurance makeup artists commonly hold depends on how they operate and the services they provide. This typically includes Professional Indemnity insurance, which is designed to respond to claims of professional negligence or breach of duty, and Public and Products Liability insurance, which is designed respond to third party bodily injury or property damage claims arising from business activities. Both covers may extend to investigation costs, and depending on the policy, defamation. Additional covers such as Commercial Property, Business Interruption and Employee Fidelity may also be relevant depending on business structure and services offered.

Public Liability insurance is designed to cover claims where a client or member of the public is injured or their property is damaged as a result of the services you provide. While it is not a legal requirement for freelance makeup artists in Australia, it is commonly held by freelance makeup artists across Australia. Many clients, venues and booking platforms may require you to hold a current Public Liability policy before they will engage your services. Without this type of cover, you could be personally liable for legal costs and compensation claims. Speaking with an insurance broker can help you understand whether Public Liability cover is appropriate for your circumstances.