Want to know the requirements of business insurance for sole traders, and how you can identify what you need when it comes to choosing the right sole trader insurance policy?
Well, it's all here.
Learn about you can expect from an insurance company and what you might need to know before you buy a policy with any business insurance company.
Let's get on to...
Question: As a sole trader, what insurance do I need"?
A business liability protection policy is mostly made up of three different products, products that protect you as a business owner and the products that protect your services and employees.
Let's start with liability insurance.
You probably know what (PL insurance) public liability insurance for small business is, but here's some knowledge about this product that you might want to know.
Here we go...
If you run an office or you're out and about in vans every day, like a plumber, electrician or a gardener, you want some sort of protection. If you work with the public, that's when you think one step ahead.
Let's have a look at some of the things you can protect yourself against when you're running your small or large organization.
And that's the liability part, now let's see what public liability insurance for sole traders also covers?
If you employ people you might want to properly your employees from damages, accidents and whatever else you can't see around the corner.
if you take a labourer or another duty on as your growing or starting up in business for the first time, you might need employee liability insurance for sole traders.
With employee liability insurance the law say in the UK that you must have a policy, and if you don't have it you could end up in prison, and this is not a joke as the courts are very strict about sole traders taking short-cuts.
Up to you?
Just like public liability cover for your small business, employee liability works the same, protecting your employees from what you can see below you.
Wherever you place an employee, out on the field or stuck behind an office answering phones all day, make sure you look after them and yourself because if you don't have this insurance you could get the brunt of the whole claim and even jailed if an employee is killed.
And for the third type of business insurance for sole traders you can buy for your small business is indemnity insurance for sole traders and here's what it is and what not to get confused about.
Here it is...
Promising the world to your clients can close sales and get that contract, but what if things don't go to plan and your clients sue you?
Sole trader indemnity insurance is the answer, here. If you offer a service and you fail to produce the results, you could be in for a shock and that means money.
Learn what sole trader indemnity insurance is and why you might need it one day.
That's about it when it comes to sole trader professional indemnity insurance and your insurer will ask you if you require this cover when you're on the phone sorting out your new policy.
They should, anyway.
Business insurance is rather inexpensive, maybe because business owners are less a risk than the general public but then again business claims can amount to much higher amounts.
You can actually find a policy online for around £5 per month, which is suitable for most small business startups. And again for larger businesses, this monthly payment can go into the thousands.
Since your a sole trader, let's stick to the £5 per month figure.
If you want to compare business insurance for sole traders for cheaper and the most reliable sole trader insurance quotes, jump over to the quote form where the UK's nest and brightest sole trader insurance companies are waiting to help you.