Sole traders' insurance

Going it alone is great for autonomy and flexibility. But not so great for support and security.

That’s unless you know what we know: support and security comes as standard with sole trader’s insurance.

Here’s what to start with:

Professional indemnity insurance covers mistakes and misunderstandings springing from the work you do for clients. If something goes wrong and a client says you’ve cost them money, they can sue you for their loss. Claims and allegations take time, money and legal know-how to deal with and you’ll need all the help you can get. Sole trader’s professional indemnity insurance is that help – paying costs, compensation and keeping your reputation in one piece.

Public liability insurance is useful when you’re at clients’ sites or if people visit you. Common enough as a sole trader. If there’s an accident that’s your fault and someone’s hurt or their property’s damaged, it’s your bank balance that’ll suffer. Protect it with cover that pays your costs and any compensation.

Portable equipment insurance is an essential for sole traders. That laptop is your livelihood: drop it, lose it or get it stolen and it’s not just inconvenient and expensive – it’s a potential deadline misser. Protect what you need to do your job when you’re out and about.

Cyber and data insurance covers the consequences of a hack or breach. If you use email, store customer data electronically or run your own website, you’re a target for cyber criminals – even as a sole trader. Damage limitation, tech investigation and reputation protection are expensive, specialist areas your policy pays for.

Personal accident insurance could be, almost literally a lifesaver for sole traders. A serious injury or illness that means you can’t work could spell financial hardship and lost clients. This insurance pays for help to keep your business working and it covers your medical bills too.