Smart Business Insurance
Level 11, 484 St Kilda Road Melbourne, VIC3004
$ Phone: 1300 542 573

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Sole Trader Insurance – Business Insurance Protects Your Assets

Sole trader insurance is a key purchase for small business owners. Your insurance cover will vary depending on the complexity of the projects you take on and your budget. Whether you seek public liability insurance , professional indemnity insurance or a business insurance pack, SMART Business Insurance can help protect your valuable assets.

Sole Trader Insurance – Business Insurance Protects Your Assets

Working in the trades creates particular types of risks, no matter what your craft. We have helped hundreds of tradespeople protect their assets with highly rated insurance companies that develop sole trader insurance designed to respond to your specialty’s risks.

Here are some of the trades we cover.

We insure a number of retail clothing and shoe shops, as well. Beautician or beauty salon owner? No problem. We have carriers with insurance cover developed especially for you.

No matter where you are in Australia, we are the “go-to” insurance company for sole traders like you. Our friendly team of Smart Business Insurance will help you compare public liability insurance quotes on suitable policies. We offer cover by leading insurance companies such as Vero, Zurich, CGU and AIG. Please call us on 1300 542 573 or enquire online.

What Sole Trader Insurance Do Australians Require?

While each sole trader specialty has slightly different risks, our team understands the unique challenges you face in your craft or trade. We have relationships with underwriters who can offer you the terms you seek and have the appetite for your unique risks.

Here are some sole trader insurance offerings in Australia.

  • Professional indemnity insurance– Designed to protect you should claims arise out of the advice or service you provide to customers.
  • Public liability insurance– Designed to protect you against allegations of negligence involving bodily injury or property damage to others. To save costs and provide fuller protection, some clients combine both professional indemnity cover and public liability insurance in one policy. If you are a sole trader, you will need at least public liability insurance.
  • Health and sickness insurance – If you cannot work, you will face mounting bills. Both professionals and sole traders should consider health and sickness cover to help protect your income.
  • Business pack– Designed in one convenient package, you can cover many of the risks you face with
    • Public liability insurance
    • Product liability insurance
    • General property insurance
    • Insurance for contents, machinery, plant and stock insurance

Trade-based professionals should also consider insurance for their tools, vehicles, and trailers.

Insurance for Professional Consultants

Any professional who provides advice for a fee should consider professional indemnity insurance. Here are some types of professional sole traders we currently serve.

Not sure what insurance cover you need? Call us on 1300-542-573. Talk with a friendly business insurance broker. We are eager to help.

What Type of Insurance Does a Sole Trader Need?

If you are self-employed and work on your own in a trade or profession or employ a team but take legal responsibility for any profits or losses after tax personally, you are classified as a sole trader.

You could, for example, be a plumber, plasterer, cleaner, carpenter or electrician or provide professional services.

Whatever your occupation its important to consider having the appropriate insurance in place to protect yourself from any legal claims that may arise to protect your business and livelihood.

Some of the most common types of insurance that sole traders require includes:

  • Public liability insurance - that may protect you against compensation claims when someone suffers injury or property damage that was caused by your business activities.
  • Professional indemnity insurance - that may protect you from claims of losses suffered because of poor service or advice that you provided.
  • Health and Sickness Income Insurance - that may provide you with an income when you cannot work due to ill health or injury so that you may cover your living expenses until you recover.
  • You may also require other types of insurance as a sole trader depending on the trade or profession that you work in and whether you employ other people in your business. For some types of contract work, with corporations or government authorities for example, you may be required to have specific insurance coverage before you can commence work.

How Much is Sole Trader Insurance?

For some office based sole traders monthly public liability premiums start from approximately only $35 per month on an annual premium.

With some trade based self-employed sole traders’ public liability premiums start from approximately only $45 per month on an annual premium.

The cost of sole trader insurance will depend on the type of work that you do and your individual circumstances. Even if you are working from home, for example, you may still require public liability insurance if clients visit and business equipment insurance in the event of theft (which many home policies do not cover).

You need to decide what the worst-case scenario might be if things go wrong and then buy sufficient insurance coverage to protect yourself in that situation. One way to think about this is to consider your potential liability if something were to go awry with your largest customer or contract and plan accordingly.

Because all sole traders have different businesses and individual circumstances, the smart thing to do is to discuss your needs with a Smart Business Insurance broker who will be able to advise you on the types and amount of cover you may need to protect yourself against any potential legal claims that could be made against you.

What Does Sole Trader Insurance Cover?

Because sole traders are found in so many trades and professions (and in varying circumstances), there is no one-size-fits-all insurance policy that applies. Instead, you need to consider what your sole trader business involves, where it could be vulnerable to legal claims when things go wrong, and then purchase suitable types of insurance policies that give you sufficient policy coverage so that you are protected if the worst happens.

It is also important to consider what type of insurance your clients demand and the amount of coverage they require you to have as well as the types of insurance that are expected in your trade or profession to ensure that you have appropriate insurance cover.

Get a SMART Sole Traders Insurance Quote Today

If you are a sole trader or business professional, we can help you navigate sole trader insurance costs with cover designed to protect your growing business. Enquire online at Smart Business Insurance to get started.

Important: Cover may be available subject only to meeting the insurer’s underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a SMART Business Insurance broker on 1300 542 573 for more information..

1300 542 573

TALK to a SMART Business Insurance adviser

Business Hours:

Monday – Friday 8.45 am - 6.00 pm AEST

    Thank you SMART ....very helpful and done a GREAT job in helping me with my business insurance.... i will be recommending SMART Business Insurance :-)

    Kind regards

    Craig Lindsay
    Sole trader

    Thank you for your years of protection, I do appreciate it and your consistent efforts, I am pleased to recommend you to anyone, thanks again…

    Kind regards

    Leon Campbell

Sole Trader Infographic | Smart Business Insurance Australia