Sole Trader Insurance 

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What is sole trader public liability insurance?

Sole trader public liability insurance is cover for those that run and own their own business. The core elements include public liability and professional indemnity. If you employ staff you will also require by law employer’s liability cover.

sole trader insurance

Is a self-employed person a sole trader?

The term sole trader can be replaced with the term self-employed. A sole trader is different to a limited company in that you do not need to register with Companies House or have a director. Many examples of freelancers fall into this category, for example, a freelance programmer.

The UK is leading the way in online shopping which has fueled a sharp rise in self-employed traders. These are the findings of SMMT that reported in the same article that this has also sparked a rise in UK van sales. 3.4 million or roughly one in ten depend on a van for self-employed work.

Protecting your sole trading business

Regardless of how careful you are, any poor advice that’s given to a client, a tiny accident on your premises or the theft of your expensive equipment can cost your business thousands of pounds. Sole trader insurance will give you the peace of mind you need knowing that you’re covered for these eventualities and many others.

Operating as a sole trader leaves you are open to claims against you by the public, making public liability core to your sole trader insurance policy. It covers you against a wide range of business related activity claims. At its core, it provides cover for any third party both injuries or damage to property. Below we have highlighted some more typical occasions that this type of cover is effective.

  • In a workshop environment, an example would be a client having an accident by tripping or slipping.
  • If your trade involves working on the client's possessions, for example as a carpet cleaner. The cover will protect for accidental damage caused as you go about your business.
  • The third party also extends beyond the client to cover any member of the general public. For example a pedestrian tripping over building materials outside a house that you are renovating.

Sole Trader Insurance with Public Liability Options

Professional Indemnity insurance will cover the costs of defending you and your business against allegations of professional negligence and any compensation or damages subsequently awarded against you. An example of this would be you giving a client wrongful or incorrect advice. This is critical protection for all sole traders. Insurance cover is typically available with limits that range from £50,000 to £5 million.

Product and Public Liability insurance covers the costs of defending your business if someone is injured, or their property is damaged, which arises from you going about your business or supplying to them products. This includes any damages that are awarded against you should you be unsuccessful. In certain cases, legal fees alone will cost your business thousands of pounds. This is a vital cover if you deal regularly with members of the public or clients.

Employers Liability insurance is a legal requirement in the UK if your business has employees. It will cover your business against claims for injury or illness that may be suffered by employees that arise from their employment. Regardless of what industry you work in, if your business employs staff you will need this coverage.

Compare the cost of Sole Trader Insurance with Multi Quoet Time

It is advisable to compare the costs of sole trader insurance by comparing the available trader insurance options with a panel of UK brokers. Fast trader Insurance works in partnership with QuoteSearcher who provide a simple form which once completed is submitted to a specialist panel of brokers. Your sole trader insurance requirements will be shared automatically with multiple UK brokers that will work at providing you with a range of comprehensive quotes.

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