The Insurance Policies All Sole Traders Need

If you’re working as a sole trader, having the right insurance is essential to protect your best asset: you. 

What Is A Sole Trader?

Being a sole trader means you are self-employed. The term can also include running your own business, where you take sole responsibility for losses and receive all profit. 

Why Do Sole Traders Need Insurance?

As a sole trader, you face similar risks as businesses. Having insurance can protect you against issues like liabilities, debts, lawsuits, and profit loss. It can protect you from a natural disaster, theft or an accident.

Another reason why sole traders should have insurance is that most clients would require them to. Some contracts specify that sole traders and freelancers have insurance before the project begins. 

Remember, having insurance as a sole trader is to protect YOU. You can’t keep running your business if you're injured or struggling with financial losses. When you’re covered, it’s easier to manage risks, reduce uncertainty and protect your livelihood. 

What Types Of Insurance Are Available To Sole Traders?

  • Professional Indemnity Insurance: This is a type of business insurance sole traders can purchase to protect them against the cost of legal claims if a third-party sues them. Basically, if your client claims that you have provided inadequate advice, services or designs that cause your client to lose money, you could face legal action. With this cover, you can ease the cost of legal processes for your business.
  • Sole Trader Public Liability Insurance: This protects your business against claims of injury or damage to clients or the public caused by you. Even if you work from home, you can still be covered.
  • Personal Accident & Illness Insurance: Similar to income protection, this type of insurance also covers for injury and illness. However, it grants a one-off payment, while income protection is given based on a percentage of your monthly income.
  • Property & Tools Cover: If you’re a tradie, it’s important to protect your tools and equipment. This covers you against theft, vandalism, fire damage, attempted theft, violent entry, and vehicle collision. 

To protect yourself as a sole trader, make sure you get insurance from a reliable company. At Regional Insurance Brokers, we can provide expert advice to find a tailored solution for all your business insurance needs.

Talk to our experienced team for a quote today. 

Why Regional Insurance?

At Regional Insurance, we have over three decades of experience serving Queensland communities. We pride ourselves on our excellent service and expertise in insurance for a range of industries. We’ll make choosing a policy, assessing your risks and making a claim simple with our personalised service to save you time, money and stress.
Contact us today!

Business Insurance

  • Personalised cover for every business, big or small
  • In depth risk assessment for a policy that suits your business
  • Competitive premiums and your own senior broker for personalised expertise
  • 24/7 claims service and access to your own broker
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