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Advice for insurance for my tuition company

Posted by Mr L.

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Remote

Due date
Sunday, 13th Aug 2017
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Hi,
I recently opened up a new tuition company with a business partner where we'll be providing group and individual classes to students. We need insurance and not sure what's the best option for this. So far we have asked AON and they are quoting $1000 a year for my partner and I. That seems quite excessive considering we are completely new with no students yet. We plan to hire independent contractors as tutors who will help us teach as well so we're not sure how insurance works there or if they are also covered hence advice needed here too.

I am looking for advice from someone with experience in this area or have opened their own tuition or teaching company/business. Funds will be released once options for suitable insurance has been explained by the Airtasker and we are able to sign up for insurance ASAP (hopefully by tonight or this weekend at the latest).
Thank you
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Tamara H.
(1)
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See response in the comments. Happy to assist with any more questions if you need. As director of my company I sleep better at night knowing my insurances are accurate.
11 months ago
Adam L.
(26)
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Hi Mr L. I have a reputable contact who I can refer you to. I myself have taken out a similar policy with them for around $450 p.a. Will have to wait til normal business hours to introduce but can have them call you first thing Monday morning if that suits? Thanks
11 months ago
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What is your business structure? I.e. Company? You would need public liability for the company which will cover employees only. If the tutors are treated as contractors (I highly recommend making sure this is the correct way to set them up) - they will need their own public liability insurance and you will need to site these documents. If there are employees in the company you will need to obtain the relevant work cover (dependent on what state you are operating in).

I'm not an insurance expert but I run a national labor hire agency and hold public liability + work cover in all states of Australia $15-$20K/year total for insurance. Workers were previously contractors then changed to employees so I had to self teach myself the correct set up (with legal advice). AON is our insurer for Public Liability (but in my industry we have limited choices for insurance conpanies). Tell your AON Rep your business structure and ask what insurances you need, then go and get those quotes through other insurers if you're looking for the most competitive. Happy to assist where I can if required.
Mr L.poster
Hi Adam, is $450 p.a. for insurance just for myself for does that include my business partner as well? Would the independent contractors still have to get their own insurance as well?
Hi again Mr L. You would need to get a proper quote to know for sure. I believe the size of your turnover is a factor as is the level of cover needed. I believe policies can be listed in joint names or the other option is to have them listed as an 'interested party'. For instance, my policy covers me and my business for $10M but keep in mind, that's just adequate for my needs. Also, my policy covers any person at the business address: clients, interns, staff whoever. You'll need to read the policy docs for specific details but, first step is to get a competitive quote.. the rest you can usually work out later.
And if you are really hiring independent contractors, you should make sure they have heir own insurance
IMHO, the industry average is anywhere between $700 to $1000 for Public Liability Insurance for a non commercial venue
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