Sole Trader Insurance with public liability

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  • Sole trader public liability insurance
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What is sole trader public liability insurance ?

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.

Sole trader insurance with public liability is aimed at providing tailored insurance solutions who own and run their own business. This type of cover will normally comprise of professional indemnity and public liability and if you have one or more employee, employer's liability will also be required by law.

Need to compare the costs of sole trader insurance? Start by comparing the available trader insurance options with a panel of UK brokers. To get started select Get Quotes and complete one simple online form. Your sole trader insurance requirements will be shared automatically with multiple UK brokers that work at providing a range of comprehensive quotes.

Ways to reduce the cost of sole trader insurance

  • Increase Excess : If you are safe driver consider agreeing a higher excess amount for a reduced self employed trader premium. The excess in a policy is the amount you are liable for if any claim is made 
  • Security: Can you provide secure overnight parking? In addition can fit a tracking device approved by the UK insurance industry. Increasing the van security should lower your costs
  • Named Driver : if you are self employed, do you need the more expensive any driver insurance. If not simply select the named driver option. If you do need to add a temporary driven, it is fairly easy to get temporary van driver insurance online.

Protect your sole trading business

Sole Trader Insurance

Regardless of how careful you actually 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 open to claims 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 occasion that this type of cover is effective. 

Below are some specific examples demonstrating why this cover is necessary for the owner of any type of business.

  • In a workshop environment an example would be a client having an accident by tripping or slipping.
  • If your trade involves working on the clients possessions, for example as a carpet cleaner. 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 : This 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 £5m.
  • Product  and Public Liability insurance : This 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 : This is a legal requirement here 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 cover.
  • Occupational Personal Accident insurance : This type of cover will provide a weekly payment to you if you are unable to work due to temporary total disablement. (this is typically subject to a 14 day deferment period) In the unfortunate event of loss of limbs, speech, sight, hearing, permanent total disablement or death, a lump sum is generally paid out.
  • Legal Representation and Employment Disputes insurance : This will pay any legal and representation costs, together with any awards that you are required to pay, following an employment dispute. It also will pay expenses and costs for certain crisis management corporate manslaughter, official investigation, identity fraud, pollution and data protection issues.

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