Unfortunately, professionals can sometimes make mistakes. It’s an inevitable part of working in any field. And when those mistakes lead to legal action, the costs can be devastating.
That’s where professional indemnity insurance comes in. It can provide crucial protection for businesses that offer professional services, covering the legal costs and claims for damages that may arise from an act, omission or breach of duty. In other words, it gives you and your business the peace of mind knowing that you’re covered in the event of a claim. Professional indemnity insurance is a must-have for any sole trader that wants to protect itself from the financial ruin that can come from professional negligence.
What insurances does a sole trader need?
As a sole trader, it’s also important to consider taking out either income protection insurance or personal accident insurance. These sole trader insurances can help protect you if you fall ill or have an accident and you are unable to work for a period. It’s also a really good idea to have health insurance.
There is a range of other insurances to consider as a sole trader. If you are a tradesperson, you may wish to take out specialist insurance that covers tradies. You will also need to have the right insurance to cover theft of your tools.
See also: Small business insurance explained
Compare sole trader business insurance quotes Australia
There are a number of different types of sole trader insurance available and it is important to choose the right cover for your business.
NewSure is a specialist sole trader business insurance service provider, helping you compare quotes and buy business insurance.
“Through our local knowledge and dedicated broker team, we bring customer service to the forefront. More often than not, this is often overlooked in the insurance space” said NewSure General Manager, Brett Edmonds says.
With 250+ years of combined experience, we’re trusted by thousands of Australian businesses.
We offer complete insurance solutions for all types of businesses – from start-ups to medium and large size enterprises. Let us help you.
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