Sole traders' insurance
Being a sole trader can be lonely, especially if there’s a problem. Sole trader insurance gives you a team of legal, financial and risk experts, so it’s less ‘all by myself’ and more ‘all for one’.
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Covers the costs of fixing your mistakes, and defends you against allegations you’ve not done your job properly. A must-have for business with paying clients.
Public liability insuranceWorking for yourself can bring fantastic rewards. But it can also bring risks.
Whichever way you spin it, you're in charge. On top of your day job, you could also be responsible for looking after marketing, accounts, sales, ordering stationery, equipment maintenance, cleaning, insurance…
But it doesn’t matter how organised you are, things can go wrong. Accidents happen, a client complains, or your equipment gets damaged or stolen. And you’ll need time and a large bank balance to sort it.
That’s where sole trader insurance comes in. It gives you a team of experts on hand to help smooth out a crisis and fight your corner.
Sole trader insurance can (among other things) pay legal costs and compensation if a client complains the job isn't A* quality. Or if you break a priceless possession or injure a client. It can also cover your kit for loss, damage or theft.
It offers the support and security you need when everything’s on you.
What insurance does a sole trader need?
Professional indemnity insurance
When you’re the boss, the buck stops with you. And if someone says the work isn’t up to scratch, it can be a problem.
You give someone bad advice, or a job doesn’t go to plan, and you can have an unhappy client who says they’re out of pocket.
Sole trader professional indemnity (PI) insurance compensates your client and pays for a specialist solicitor if you need one.
You can read more about professional indemnity insurance here.
Public liability insurance
Accidents happen. It doesn’t matter how careful you are.
Spill a coffee over a client’s laptop, wreck their antique furniture or leave your toolbox out and they trip and injure themselves, and it can cost you. If your client says you’re liable, you’ll face a bill.
Legal fees, court costs and compensation, can run into thousands. Sole trader public liability insurance (PL) will cover all bases. Even if it isn’t your fault, PL will help defend you.
Employers’ liability insurance
Just because you're a sole trader, don't scroll past this one…
Being a sole trader doesn't always mean you work on your own. Your business could have a sole trader legal structure and employ people.
Or you could work by yourself but find you have too much work on, and need some help – either temporary, part-time or voluntary.
Employers' liability insurance is a legal requirement if you employ someone. You can be fined if you don't have it. Read more about employers’ liability insurance for sole traders.
Portable equipment insurance
Whether you’re a builder with a van full of tools or a graphic designer with a laptop, as a sole trader, you’re probably going to have some kit. And if it gets damaged or stolen, you can’t work.
Portable equipment insurance covers you for accidental loss, accidental damage, malicious damage and theft by paying for repairs or replacing as new. It means if disaster strikes, you can get up and running again quickly.
Cyber insurance
Cybercriminals only go after the big guys, right? Wrong. Anyone who uses email or has a website or computer network is at risk.
Accidentally clicking on a malicious email that gives criminals access to your network, or worse, your client's data, could spell disaster. As could being tricked into giving away your bank details to the wrong person.
Cyber insurance brings in the experts to stop attacks, fix systems and retrieve any lost data. It pays your legal costs and any compensation awarded if you're sued because sensitive data is lost.
Personal accident insurance
You are your most valuable asset. And if you injure yourself, that can be bad for business.
Personal accident insurance pays to keep your business going while you’re out of action. And it can contribute to your income while you can’t work.
