There is nothing better than running a business the way you want to and as a sole trader you can do just that. As a sole trader, you are classed as self-employed and run your own business as an individual (Gov.uk).
With the freedom to practice your trade and work with different clients, it is no surprise that there are 200,000 new sole traders in the UK every year (The Guardian).
But with 3.6 million sole traders in the UK, there is always the risk that an accident can occur whilst you are on the job. Whether you are a tradesman, consultant or contractor, working in other peoples’ homes or offices presents different risks to yourself and other members of the public.
Accident example 1: A handyman is working on the roof of someone’s house and a tile falls off and hurts a member of the public.
Accident example 2: A tradesman is fixing something in an office and their ladder falls and injures an employee.
Accident example 3: A plumber working on a customer’s home accidently bursts a pipe and causes flooding in the house.
If the customer feels that the sole trader is responsible for the accident, they will hold them liable and may request compensation in the form of damages, medical bills and legal fees. Sole traders can be vulnerable to law suits because they are not part of a larger entity and might be seen as an easy target to receive settlement. But having proper insurance in place means that you can be covered for such eventualities and concentrate on your business.
At Be Wiser Business Insurance, we understand that accidents can happen and although sole traders risk being liable for such accidents, our insurance policies are designed to offer piece of mind to both the trader and their customers.
We offer different types of insurance for sole traders and by getting a better idea of what you do; we can create a tailor made policy to suit your needs. Simply call our team today on 0333 999 0802 to speak to an advisor and we will be able to provide you with a quote there and then.
Be Wiser is a leading broker for business insurance and working with a number of top providers, we can compare the different rates and policies available and give you access to the best cover possible at the most competitive prices.
Public liability insurance is the one of the most important types of cover for sole traders. For any accidents caused to a member of the public either at your workplace or a customer’s workplace, this cover can provide financial protection if you are held liable and taken to court.
Public liability is not a legal requirement but if you are involved in a lawsuit, the potential costs can be huge and have a serious impact to your company’s bottom line. So your policy will be able to pay any damages to the victim, legal fees, medical bills, loss of income and compensation.
There is up to £10 million worth of public liability cover available, however, the amount you decide to take will depend on type of business you run, the size and the turnover.
Common for dentists, financial advisors, accountants and consultants, if your business as a sole trader involves giving advice, you can be protected if your guidance accidently has adverse effects on the client. Despite your best efforts to help your customer, it is possible that your advice can lead to financial losses or medical issues for the client who then decides to seek compensation as a result.
For example, a financial advisor could recommend a client put money into an investment, which goes bust. If the customer feels they have been dealt with unfairly, they have the right to take the advisor to court.
But having PI cover in place means that you are able to protect yourself against any costs associated with legal action including loss of income, compensation and legal fees.
If your business as a sole trader involves making or selling products, there is always the risk that something can be defective or compromised during production and shipping. If the damaged good has a negative effect on a customer, it may lead to a big lawsuit. So having products liability cover allows you to have the financial protection in case anything goes wrong with your products.
If you are tradesman, it is very likely that your van or car will be essential to your business. Be Wiser can help you find a policy for your van or car, whether its for personal or business use or both.
If you are involved in a road accident or your vehicle is lost or stolen, you can get any repairs and replacements covered and be back on the road in no time. We can help you get the best price possible using a no claims bonus, increasing your voluntary excess or adding security features to the vehicle.
We can also provide cover for other mishaps such as damage to or loss of your equipment that you own or have hired from third parties. For example, if your tools are stolen from a job site or from your van, your insurance policy can replace these immediately. We also offer goods in transit insurance if you are responsible for transporting goods as part of your work and these can be replaced if damaged or stolen.