Insuring your sole trader business
Every day is different for a sole trader. From new business leads, client deadlines, to preparing the accounts. But what if the unexpected happens? Having business insurance for sole traders provides peace of mind that you’re covered, whether it’s for losing client data, a customer claiming you provided the wrong advice, or you’re unable to work after an accident.
Why you need business insurance for sole traders
Unhappy clients
Imagine that information about a customer’s potential IT contract ends up in a competitor’s hands and they win the work. The customer believes it was leaked by their self-employed sales agent and they take legal action against them. Having business insurance with professional indemnity cover means the sales agent is covered for the costs of defending and settling the legal dispute.
Confidential customer data loss
When a cyber attack happens the hackers may infect your IT system with a virus and then demand a ransom to remove it and to return the data. Cyber and data risk cover as part of a sole trader’s business insurance policy will cover the cost of the ransom and several days of lost business, as well as giving you access to our cybercrime experts.
A broken leg prevents work
If you suffer a fall on holiday and it means a lengthy stay in hospital, you might be unable to work or meet clients for some time, with no other income to rely on. Personal accident insurance provides a weekly pay-out, which means the mortgage is taken care of while you’re off work and recovering.
If you’re not sure what you need, tell us a little more about your sole trader business. We’ll help you to build your quote and explore any other insurance needs.
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Key types of cover for sole traders
Professional indemnity insurance
Professional indemnity insurance is there to protect you as a sole trader against any legal action or claims for compensation that you might face. If you provide professional advice or services to your clients, or you’re trusted with handling their sensitive data, you need to make sure you’re covered for the unexpected. Professional indemnity insurance handles the legal fees for defending or settling a claim, or for correcting a professional mistake.
Cyber and data risk insurance
Computers and the internet are widely used by sole traders, but from emails to online file storage, the potential for cybercrime is high. Cyber and data risk insurance makes sure you’re protected from accidental data breaches or cyber attacks where a hacker targets confidential business information. As part of business insurance for a sole trader it can cover the costs for a ransom payment, data recovery, loss of business and more.
Personal accident insurance
What would you do if you couldn’t work as a result of an accident? Personal accident insurance protects you when the unforeseen happens. Whether you’re out of action for a couple of days or you need to stay in hospital for several weeks, if you physically can’t work, it provides a weekly pay-out and can also cover the cost of any support staff. It’s another essential part of business insurance for sole traders.
These are just some of the types of business insurance for sole traders that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to your exact needs.
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