Sole trader insurance can provide cover for claims against :
Sole Trader Personal Injury Insurance is cover that can provide a weekly benefit when you have an accident or are injured and can’t work for extended period.
This cover can provide up to 85%* of your weekly income for 52 or 104 weeks at the time of the injury.
In Australia, all sole traders need public liability insurance.
As a sole trader you need public liability insurance as it can protect you and your business against the financial risk of being liable for negligence.
If an accident happens as a result of your sole trader business activity you are responsible. Public liability insurance is needed to help cover damages and legal fees.
List of insurance covers needed as a sole trader:
In Australia , sole traders, such as accountants , consultants , and IT contractors that provide advice for a fee need professional indemnity insurance.
As a sole trader that provides professional advice you need professional indemnity insurance as it can protect you and your business against legal costs and damages when one of your clients makes a claim for damages against you.
Public liability insurance cost snapshot for sole traders is below:
self employed office based sole traders,
eg. consultants and contractors
public liability insurance cost start from $380 annually or $35 per month for office based self employed occupations
public liability insurance cost median $460 annually or $40 per month for office based self employed occupations
self-employed tradies , such as painters starts from around $480* or $45 per month.
$5 million Public Liability Insurance cost for some lower risk self-employed tradies , such as painters starts from around $480* or $45 per month.
$5 million Public Liability Insurance cost for median self-employed tradies , such as painters starts from around $550* or $50 per month
* Important : the above is a guide only ; pricing may vary significantly from the above based on your size, clients, experience and self-employed business activities.
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