Insurance For Sole Traders
- Trusted By Over 180,000 Small Businesses
- Tool and Portable Equipment Cover
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Do you have your own small business? Are you considering striking out on your own and starting your own small business? Operating as a sole trader is a great option for many people.
It can suit natural-born leaders, people who show initiative, or those that simply prefer to be their own boss. However, on top of all the amazing benefits that operating as a sole trader offers, there are also some downsides. When things go wrong, you could be held personally liable for any damages and your business could be at stake. No matter how meticulous you are, accidents can and do happen, even in the best-managed workplaces. The right type of business insurance can protect your business against financial loss should the unexpected happen.
One of the most popular typed of insurance for sole traders in Australia is Public Liability Insurance*. Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.
Did you Know?
There are many different options for insurance, make sure you get the right balance of cover and cost!
Other Insurance Options
Every business requires a unique insurance package. This is because every business is set up differently and will have its own unique set of requirements. In particular, this can vary dramatically across industries and professions. For example, a pastry chef and a dog breeder will probably have very different insurance needs. Different occupations also require different locations, tools, assets and processes to ensure that they do a thorough job.
Your industry may also be the subject of minimum mandatory insurance requirements. This could be an industry or association standard, or it could even be required by law. This is not an unusual requirement for sole traders who are professionals or experts in their field, such as architects, surveyors, personal trainers, engineers, massage therapists or psychologists, just to name a few examples.
Claims arising from personal injury or property damage because of a product defect can be very costly, and without the right Product Liability insurance in place, you could find yourself under severe strain. If you operate as a sole trader, you will potentially be exposed to personal liability for injury or property damage claims, meaning a Product Liability claim could seriously affect your personal assets as well.
Business Insurance
Whether you own your own building, work onsite or work remotely, a Business Insurance* package can help you go about your daily activities with peace of mind knowing that your assets are insured. Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
Professional Indemnity Insurance
Another type of insurance commonly bought by sole traders who provide advice, or a service is Professional Indemnity insurance*. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
This one is typically important for any business that supplies or distributes products in Australia. Even with the highest attention to safety, there is always the potential for something to go wrong. Fortunately, Product liability insurance* can help you through these circumstances. It provides protection in relation to claims by third parties due to personal injury or property damage caused by products sold or supplied by your business. Reasonable costs incurred in defending a covered claim will also be met. It is typically part of a Public Liability policy.
Industries & Occupations
At Public Liability Australia, offering insurance for sole traders is our specialty. We can arrange cover for sole traders in over 6000 occupations. Below is just a small snapshot of some of the occupations that we cover:
- Accountants
- Aged Care & Disability Workers
- Bookkeepers & BAS Agents
- Beauty Services
- Carpenters
- Cleaners
- Consultants
- Electricians
- Handyman
- IT Professionals
- Lawn Mowing Services
- Massage Therapists
- Migration Agents
- Painters
- Personal Trainers
- Plumbers
- Real Estate Agents
- Tax Agents
- Yoga Teachers
If your profession or occupation is not listed, just click here to find your occupation and industry
But do I really need Public Liability Insurance?
It might be tempting to save a few dollars in the short term and skimp out on your monthly or yearly payment for Public liability insurance. But for most sole traders, this could pan out to be a very unwise decision. If you or your employees interact with other people while doing business in any way it would be worth considering taking out Public Liability insurance. Some accidents and mishaps are seem almost inevitable and you will likely appreciate the security of knowing that your business is insured. There is another possibility – a client or member of the public could make a claim against you. Even if you are found not guilty of negligence causing injury or property damage, you could still find yourself tens of thousands of dollars in debt for legal fees, having lost valuable work hours, or you may find that your reputation has sustained damage.
**As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
Public Liability Insurance is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769)
