BUSINESS INSURANCE FOR SOLE TRADER
You call the shots, work when you decide, and enjoy all your profits — but without sole trader business insurance, all these incredible benefits are teetering on a knife edge.
If your laptop or power tools are stolen, a client or customer experiences an injury as a result of your activities, or your motor vehicle is involved in a serious collision — you could be facing hefty bills, legal fees, and demands for compensation. Could your operation survive these threats?
PIB is Parramatta’s respected expert for sole trader insurance in NSW. Relentlessly acting on your behalf, we create tailored safeguarding packages that target your operation’s particular areas of risk. Reassuringly shielding your business while you concentrate on your trade.
Your Business Is Under Threat, Defend It Now With Insurance for Sole Traders — Call Us
What Are the Sole Trader Insurance Requirements?
At PIB, one of the most common questions we’re asked by self-employed people is what insurance do I need as sole trader?
And often, these hardworking builders, accountants, and hairdressers are surprised by the answer — legally, you don’t require any form of insurance at all.
Admittedly, there are two possible exceptions — if you have a motor vehicle, you need at least third-party cover, and if you employ others, you require worker’s compensation insurance.
However, while safeguarding might not be a statutory requisite, the real world virtually demands business insurance for sole traders…
The Need for Sole Traders Business Insurance?
But most importantly, the challenges and unexpected threats of being a busy sole trader necessitate protection.
Unlike a Pty Ltd (Proprietary Limited) business — where any liability lies with the company as a distinct entity — if mishaps occur, you’re the one who is personally and financially liable (in the event of a successful claim).
Naturally, you’re diligent, careful, and professional in all your work. But, mistakes and accidents happen. One successful claim can mean you face life-changing and business-threatening legal fees, reinstatement costs, and compensation payouts — possibly reaching millions of dollars if someone dies.
PIB’s targeted sole trader insurance defends you and your enterprise from events that are out of your control — providing immense reassurance and ensuring your business continues to exist and grow.
Do I Need Public Liability Insurance as a Sole Trader? YES! Call Us Today for Rapid Cover
What Businesses Can Be Protected by Insurance for Sole Traders?
According to the NSW Business Commissioner, a sole trader is defined as any individual who has full ownership and control of a business — and isn’t a separate legal entity to the operation.
So, if this describes your role in your enterprise, you’re a sole trader and need insurance — whatever your trade or profession.
From sole trader public liability insurance through to motor vehicle cover — there’s safeguarding suitable and crucial for your business.
While the possible spheres of expertise we address are virtually unlimited, our most popular packages include:
- Personal trainers, yoga instructors, and martial arts instructors insurance.
- Carpenters, plumbers, electricians, and builders insurance.
- Quantity surveyors and architects sole trader insurance.
- Welders, construction workers, painters and decorators, and scaffolders insurance.
- Airbnb host insurance.
- Carpenters, plasterers, tilers and glaziers sole trader insurance.
- Interior designers, feng shui consultants, carpet layers, and cleaners insurance.
- HVAC technicians, hot water heater repairers, and air conditioning installers sole trader insurance.
- Accountants, auditors, bookkeepers, and financial advisors insurance.
- Tattoo artists, hairdressers, nail technicians, and beauty therapist insurance.
- Masseurs, manicurists, and alternative therapist insurance.
Can’t See Your Trade Above? We Can Still Protect You! Call PIB Today
What Is Covered in Business Insurance for Sole Traders?
At PIB, we don’t offer a one-size-fits-all service.
Many insurers offer an online facility that — after you fill in a few boxes — delivers a sole trader insurance policy. Yet, this doesn’t take into account the specific characteristics or nuances of your business — meaning you can be paying for cover that isn’t relevant, and find yourself lacking safeguarding in crucial areas.
At PIB, we are different.
Taking time to get to know you and your operation, we tailor bespoke business insurance that defends you in your key areas of threat.
The most common inclusions in our sole trader packages often include:
At the very least, your operation should consider public liability insurance for the sole trader. It safeguards your business against claims from third parties, who suffer injury, property damage, or death — as a result of your business actions.
These claims can often incur substantial legal fees and compensation payments if you are found to be at fault. Without protection, your business and personal assets are at risk — and can place an existential threat on your enterprise.
Sole Trader Product Liability Insurance
Should one of your products lead to a customer or client suffering death, injury, illness, or loss — for example, a food business causing food poisoning or a bicycle shop selling substandard bikes that lead to an accident — you’ll be exposed to a hefty claim.
This applies to businesses that not only make and sell products, but also those that repair, distribute, provide free of charge, and modify items. Product liability insurance for sole traders defends your operation in the event of a claim.
We know that sole traders always have a watchful eye on their business bottom line. That’s why we offer the most affordable comprehensive protection for your enterprise with our general liability insurance for sole traders.
Bringing together both product and public liability cover under a single banner — you receive the benefits of far-reaching safeguarding for your operation, with the cost-savings of a single policy.
Whether your business vehicles include one or more vans, utes, lorries, or cars — you need commercial motor insurance for sole traders. Admittedly, you may have standard personal vehicle insurance, but this lacks the protection needed for business use.
Available in comprehensive, third party, fire and theft, and third-party options — its protections allow for the nuances of work use, such as multi-drivers, signage, stock transport, and high mileage.
Whatever your business type, you’re relentlessly professional and diligent in delivering advice and services to your clients — but mistakes happen. If a customer alleges such an error causes them loss or injury, you may experience a costly claim — unless you have sole trader professional indemnity insurance.
Our professional indemnity insurance low-cost sole trader protection defends your operation against expensive compensation and legal fees. While mainly focusing on financial, consultation and legal services — any trade that provides advice can benefit.
As a sole trader, you cannot be protected by workers compensation. Therefore, if you experience injury or illness through your work activities, you may be unable to work and generate cash — but still be required to meet all your financial commitments.
PIB’s income protection insurance for sole traders delivers a pre-agreed percentage of your usual income if you’re unable to fulfil your work duties — easing the money pressures and concerns for both you and your loved ones.
Business properties are wide and varied — from workshops and warehouses through to offices and retail outlets. Unexpected events can damage these buildings and their contents — leading to expensive replacement or reinstatement expenses.
Our commercial property insurance for sole traders safeguards your operation against property claims arising from flood, storm, fire, accidental damage, and vandalism — permitting rapid remedies to allow you to continue trading.
Whether you’re a tradie with valuable power tools, or an accountant using expensive laptops and data servers — your equipment is crucial. If they are damaged or stolen, you may be unable to fulfil your work duties.
PIB’s sole traders tool insurance and device and equipment protection can address the expense of repair and replacement of your vital kit, permitting you to maintain your reputation and carry on with your work.
Over and above the safeguards already outlined, PIB’s sole trader business insurance packages can also incorporate:
Allow Us To Create Your Tailored Sole Trader Insurance for Business Package — Talk to Us Today
How Much Does Business Insurance for Sole Traders Cost?
For example, a website designer working only from home will typically require fewer protection elements than a builder with many employees, running numerous vehicles, and working on a variety of sites.
Furthermore, while both of these examples would benefit from public liability insurance — the builder’s public liability insurance cost for a sole trader would demand a greater premium. This is due to the inherent threats of outdoor work, risky construction sites, and high-value tools.
That’s why, at PIB, we tailor our sole trader packages for business insurance.
Working with you, we can identify your key threat areas — permitting us to create bespoke policies that provide watertight protection, while keeping costs to a minimum.
PIB — Your Local Business Insurance for Sole Traders Specialist
The success of your operation is built upon your significant financial investment, hard work, and excellent reputation — don’t allow the unexpected to threaten its existence.
Considered Parramatta’s sole trader insurance specialists, PIB has permitted lawyers, tradies, retailers, and carpet fitters to enjoy the reassurance of robust business safeguarding. For 35 years, our tailored policies have ensured these industrious sole traders receive the ultimate in protection at the most affordable price point.
With proactive risk management, claims handling, and no ties to particular products or services — we ensure we act relentlessly on your behalf to give your enterprise the security it deserves.
You’re the expert in your trade, and we are the experts in sole trader business insurance — talk to us today.
Defend Your Operation Today — Call PIB About Our Sole Trader Business Insurance Packages NOW
With PIB, you’re partnering with a significant force in the risk-protection sector.
Part of Australasia’s largest general insurance broker network — the Steadfast Group — we leverage Steadfast’s substantial scale to ensure you have access to a wide range of insurance companies, a broad scope of products, exclusive policy options, and perhaps most importantly — bottom-line-friendly competitive pricing.
And, should the unexpected happen and you need to make a claim, you will have the powerhouse backing of Steadfast behind you.
Professional Insurance Brokers is a leading specialist in custom, tailored insurance policies for individuals and businesses. Through our subsidiaries, including Unicorn Risk Services, we also have extensive experience in brokering insurance policies for the massive range of community and not-for-profit organisations that operate throughout Australia.