Running your own business as a sole trader has a lot of perks, despite the hard work. As a sole trader, you are legally responsible for all aspects of your business which includes handling your business’s insurance needs.
What Type of Insurance do I Need to Think About?
With such a wide variety of businesses it can be hard to know what insurance your business may need to have. So let’s go through the main insurance cover you will need to consider when operating as a sole trader.
Personal Accident and Illness Insurance
Being a sole trader, your business is highly vulnerable if you’re left unable to work for a period of time. That’s where personal accident and illness insurance comes in, it will pay a weekly amount to you if you’re accidently injured or suffer a covered illness and can’t work for a period of time.
Public Liability Insurance
Although generally not a legal requirement, depending on the industry and situation public liability may be a mandatory cover to have. It will cover you for any claims from a third party, whether that be from supplier, customer or the general public So, even if public liability insurance is not compulsory it is a good idea to consider this protection when things go wrong.
Professional Indemnity Insurance
If you’re business provides professional advice to clients it’s highly recommended you consider professional indemnity insurance. It will cover you in the event your client makes a claim against you to recover losses, whether that be due to negligence, error or omission.
As a sole trader, the decision for what insurance your business needs will fall to you and so make sure your business is ready for whatever comes its way.
As always, your insurance is up to you. For great insurance and peace of mind, give us a call.
Let’s talk! There are 3 easy ways to get a quote for public liability insurance:
- Call 1300 540 156 to speak to our dedicated tradie broker team
- Fill out our online Contact Our Experts form
Go online and fill out the Quote form
You should consider if the insurance is suitable for you and read the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and policy wording before making a decision to acquire insurance. Please ask us for more details before we provide you with our services. Our FSG is available on our website.