Compare Public Liability Insurance for
Sole Traders

Business Insurance

Whether you own your own building, work onsite or work remotely, a Business Insurance* package can help you go about your daily activities with peace of mind knowing that your assets are insured. Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.

Professional Indemnity Insurance

Another type of insurance commonly bought by sole traders who provide advice, or a service is Professional Indemnity insurance*. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

This one is typically important for any business that supplies or distributes products in Australia. Even with the highest attention to safety, there is always the potential for something to go wrong. Fortunately, Product liability insurance* can help you through these circumstances. It provides protection in relation to claims by third parties due to personal injury or property damage caused by products sold or supplied by your business. Reasonable costs incurred in defending a covered claim will also be met. It is typically part of a Public Liability policy.

But do I really need Public Liability Insurance?

It might be tempting to save a few dollars in the short term and skimp out on your monthly or yearly payment for Public liability insurance. But for most sole traders, this could pan out to be a very unwise decision. If you or your employees interact with other people while doing business in any way it would be worth considering taking out Public Liability insurance. Some accidents and mishaps are seem almost inevitable and you will likely appreciate the security of knowing that your business is insured. There is another possibility – a client or member of the public could make a claim against you. Even if you are found not guilty of negligence causing injury or property damage, you could still find yourself tens of thousands of dollars in debt for legal fees, having lost valuable work hours, or you may find that your reputation has sustained damage.