As you build your business as a sole trader, you will encounter risks that create the need for insurance protection. You’ll appreciate important advantages to this business approach. You control your business, giving you freedom to operate your business as you see fit. You don’t answer to anyone, except perhaps local regulations. The life of a sole trader can be advantageous.
However, you’ll also find downsides. Even if you haven’t hired your first employee, your occupation places you in front of a vocal public, who will want protection if something goes wrong. Social media is often key to your business. One hit to your reputation by a complaint you don’t manage well can damage your business. As a sole trader, you are responsible for the entirety of your business. Taxes, finances, purchasing, profitability and working safely – you are accountable for it all. You have no legal shield to hide behind if something goes wrong. You have personal liability for your financial mistakes and your business errors, as well.
Even when you’re not at fault, if a customer takes legal action against you, you’ll need legal guidance to manage any negligence allegations. A good business insurance broker understands the consequences of property damage and bodily injury, and they work hard to protect you and your business reputation after a covered incident.
Insurance provides sole traders with “sleep-at-night” protection. As a trader, you’ll need to balance your budget with all the insurance covers available. Where do you start? Here are some programs to manage your risks through risk transfer – the purchase of insurance.
If you’ve not yet hired employees, the above choices can offer you most of the protection you’ll need. With strong insurance cover, you can focus on building your business and improving your craft.
There are many insurance agents available, but not all understand the risks sole traders face or act on behalf of the sole trader. You have unique risk exposures, and as a sole trader your personal assets are at risk. Work with a business insurance broker who understands the problems you encounter in your unique trade. Contact the team @ Public Liability Insurance Australia. We will help you find an appropriate policy for your unique business risks.
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…
Thanks again for 1st class service in handling recent claim for glass and signage
Just wanted to say huge thank you for your assistance with my insurance, and all the dramas. your customer service, knowledge re: NEIS and kindness was outstanding and really appreciated at such a stressful time! I'd recommend you to anyone! Would love to send you some muesli if you would like some