Operating as a sole trader is a great option for people who are natural leaders, show initiative, or simply prefer to be their own boss. However, there is a price to this added freedom – when things go wrong, your business could be at stake. An unplanned event could potentially be very costly. The right type of business insurance can protect your business against financial damage should the unexpected happen.
A key type of insurance that is popular amongst sole traders is Public Liability Insurance. Public Liability insurance* covers legal fees and compensation costs if a customer, member of the public, or a supplier sues you for injury or damage to their property as a result of your alleged negligent business activity.