As a contract pilot, there are various insurances you should obtain to safeguard both yourself and your career. Here are some key policies recommended for contract pilots:
Aviation Liability Insurance:
Aviation liability insurance protects you against liability claims that could arise from incidents on board the aircraft you’re piloting and is typically required by clients when hiring contract pilots.
Disability Insurance:
Disability insurance offers financial protection if an injury or illness prevents you from working and must take time off work due to being injured, making this insurance essential for contract pilots who don’t benefit from employer-provided disability plans.
Life Insurance:
Life insurance provides your loved ones with financial security in the event of your unexpected death, which as a contract pilot could be your main source of support and income for your family, making life insurance an essential protection policy.
Loss of License Insurance: Loss of license insurance provides financial support in the event you lose your pilot’s license due to medical conditions or any other reason, giving you peace of mind while you cannot work as a pilot.
Personal Accident Coverage:
Personal accident coverage provides financial support should an accident leave you injured with permanent disability or disfigurement, covering both medical expenses and providing income replacement benefits. This type of policy offers coverage against both.
Workers’ Compensation Insurance:
When working as a contract pilot for an organization, your employer is often required to provide you with workers’ compensation insurance in case of work-related injury or illness. This policy covers medical costs as well as lost wages in such instances.
As a contract pilot, it’s crucial to protect both yourself and your career with multiple types of insurance policies. Aviation liability coverage is required by most clients while disability, life, loss of license, personal accident and workers’ compensation are other crucial types. Consult an insurance professional in order to select policies which fit you the best.
