When you are in business it’s important to have the correct small business insurance and this applies to insurance for sole trader. Operating as a sole trader means that you are on your own as far as business insurance and public liability insurance is concerned and you need to ensure you are not putting your business at risk.
Whether you are a builder, tradie or other sub-contractor, the right small business insurance, and specifically designed sole trader insurance, will provide you certainty for the future.
Small business insurance can be as broad or as defined as needed by business owners, and it can be bundled or packaged to include sole trader insurance products such as general property, sole trader public liability, tax audit, transit and statutory liability.
Look for a Business Insurance pack that covers all of the above and that outlines just how cheap sole trader insurance is!
Sole Trader Business property insurance is essentially insurance cover against loss or damage to buildings, contents and stock which might be the result of fire, storm and water. Theft from your premises is also included for your contents and stock.
Your Sole Trader Business Insurance property insurance will also cover alterations and additions to buildings, during the course of their erection and which are commenced during the period of insurance.
The Sole Trader Insurance Business Pack property cover should also include contents used in the business and which are owned by the business owner, directors, partners or employees for which you as the business owners are legally responsible whilst they are contained within the building. However there are also exclusions which a Sole Trader should discuss with their insurance advisor.
Sole Trader Public Liability Insurance is an essential for all sole traders. If you’re considering Public Liability insurance, look for a company that excels or specialises in arranging Public Liability Insurance for tradesmen. Of all insurances, Sole Trader public liability insurance is arguably the most critical. The bottom line is that if an incident happens on the worksite and you don’t have sole trader public liability insurance, you run the risk of being liable for thousands or even millions of dollars.
The sole purpose of sole trader public liability insurance is to protect the individually-operating builder, tradesman or sub-contractor against financial claims in the event of damage to property or injury to people, other than employees, that has been caused by the sole trader or their staff.
A small investment – the sole trader public liability insurance cost – can save a huge headache later, and potentially your business.