Compare business insurance quotes with Savvy to find the best policy for sole traders.
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Flying solo can be an exhilarating experience, but when it comes to running a business as a sole trader, it also means that you’re responsible for everything within your business. That’s why having the right insurance can mean the difference between having a great flight or crashing and burning.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your business venture and the insurance you need, and you’ll have a wide range of offers to consider instantly from some of Australia’s most respected insurers. Compare with us to help you get the best-value insurance for your small business today.
Sole traders can work in a multitude of different occupations, from accountants to yoga teachers and almost everything in between. As such, there’s a variety of insurance options available to you, including:
Public liability insurance
Public liability insurance is essential for anyone who has contact with other people or their property. It will cover you against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the advice, recommendations or service you provided were either wrong or negligent. It’s an important type of insurance to have for sole traders who offer professional advice or services to multiple members of the public. Examples include accountants and legal and allied health professionals. If you work in a unionised occupation, the cost of your professional indemnity insurance may be included in your union fees. Cover is available starting from $250,000 up to $10 million or more.
What it covers
Product liability insurance
Product liability insurance will cover you against third-party claims that a product you supplied was faulty or caused material loss, sickness, injury or death. Product liability insurance is for anyone who supplies products, not just manufacturers. This could be useful for sole traders who work in marketing or selling a particular product. Cover starts from $250,000 and can be bundled together with public liability into a business insurance package.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have tools, portable equipment, machinery or stock to protect as a sole trader. If you work in a profession which relies heavily on technology, you may wish to consider cyber protection insurance as an add-on to your general business insurance policy.
What it covers:
Personal accident and illness insurance
Since you rely on working to produce an income as a sole trader, taking care of your health should be a high priority. Accident and illness insurance can provide cover for you if you become sick and are unable to work, providing a weekly replacement income if you’re injured or ill.
What it covers:
Optional extras can include:
What isn’t covered under business insurance for sole traders?
The most common general exclusions include:
There is no set cost for an insurance policy, as each sole trader is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry and occupation you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Therefore, the cost of business insurance in Canberra may be similar to that for a similar business in Sydney.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need a long-term insurance policy or one for a one-off event, you’ll be able to compare your options to help you find a policy which is perfect for your business needs
You’ve no doubt worked hard to set up your business, so it makes sense you want to protect it in case things go wrong. Insurance is there to protect you and your business against all eventualities. It’s there to ensure your revenue can continue whether you suffer cyber theft, vandalism or a broken leg.
Most small to medium-sized businesses have some contingency funds, but these are rarely sufficient to cover the cost of a major catastrophe. If this happens and you have adequate insurance to protect all aspects of your business and your income, you’ll have a much better chance of getting back on your feet quickly.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
