Public Liability Insurance Sole Trader

Running your business as a sole trader has plenty of benefits and can help to keep things simple, however for most businesses it is still a requirement to hold public liability insurance.

In some respects it is actually more important for a sole trader to hold public liability insurance, as any liability that the business has is automatically your liability as well.

If your business activities were to cause property damage or personal injury to another person, as a sole trader you will be personally liable for any financial damages. In large cases, such events can cost a small business owner their home.

Public liability insurance can help by protecting you financially against the costs of a property damage or personal injury claim.

Public Liability Benefits

The main benefit of public liability insurance is the protection it provides to your and your family. We all know that accidents can happen at work, so it is important to be protected financially from the costs of such accidents.

Having the right public liability insurance in place can also help to provide peace of mind to your customers. If you were to cause $100,000 worth of damage to your customer’s property, would you have that sort of money easily accessible to pay to your customer?

By holding appropriate insurance, a claim can be settled by the insurance company which ensures that your customer received their money as quickly as possible and you are not left out of pocket personally, with the exception of a small excess.

Typical Claims for Sole Traders

Claims for public liability insurance can vary greatly with sole traders. At the low end of the scale we may have a lawn mowing contractor who has broken a vehicle windscreen due to a rock that they have flicked up.

At the other end of the scale are claims involving personal injury or even death. This could be an electrician whose work has resulted in someone’s electrocution, or a shopkeeper who has had someone trip and injure themselves within the store.

One thing that all public liability claims have in common for sole traders is that without insurance they would have resulted in money coming out of the business owner’s pocket.

Insurance Providers

There are a number of public liability insurance companies offering cover for sole traders in Australia.

Many insurance companies offer policies and packages which are specifically suited to small and micro businesses which consist only of the business owner.

There are also certain insurers which specialise in certain sectors. For example one insurer may offer the best deal for retail stores, whilst another may offer the best deal for carpenters insurance.

Getting a Quote

Due to the number of insurers offering public liability in Australia it is certainly worthwhile shopping around to find the best deal on your insurance.

Here at Public Liability Insurance Australia we specialise in helping sole traders and other small business owners with finding the best value cover for their business.

To find out how much public liability insurance will cost for your small business simply complete our online quote request. If you would prefer to speak with an insurance expert you can contact us for an obligation free chat.