What is professional indemnity insurance for sole traders?*
Sole traders require suitable professional indemnity insurance that provides cover for professional indemnity risks related to providing advice to clients.
For example, professional indemnity insurance for sole traders may include losses arising out of acts, errors and omissions and claims for damages from professional services relating to a wide range of professional sole trader business activities ranging from consulting, marketing, advertising, photography, design and construct, business analysis, human resources and more.
Why do sole traders need professional indemnity insurance?*
Sole traders need professional indemnity insurance to cover for professional business risks such as incorrect advice, legal claims against you for the provision of professional services and failure to perform essential processes and due diligence.
Suitable professional indemnity insurance may provide sole traders with cover for the following claims:
- Breach of professional duty
- Defamation, libel or slander
- Unlawful discrimination
- Breach of the Australian Consumer Law under the Competition and Consumer Act, Fair Trading Act or similar legislation
- Infringement of any copyright, trademark, registered design or patent
- Breach of confidentiality
- Breach of privacy legislation
- Public Liability
- Products Liability
- Defence Costs and other costs and expenses
Note that sole traders can be held liable for the advice or the services they perform that may cause financial loss to a third party. As a result professional sole traders need professional indemnity insurance.
Furthermore, Public Liability insurance is a core cover for all Australian businesses - including for sole traders - to cover you against damage to a third person or their property.
If you are a sole trader looking for professional indemnity insurance please call 1300 542 573 to TALK to a SMART business insurance broker about a suitable policy at an affordable cost for your business.
What type of sole traders need professional indemnity insurance ?*
All sole traders that charge a fee for advice or a service need professional indemnity insurance.
For example, any sole traders performing the following services need business insurance and professional indemnity insurance.
For a more detailed list of sole traders that may need professional indemnity insurance please click here or call 1300 542 573.
To talk to SMART business insurance broker about a suitable insurance professional indemnity insurance policy for your sole trader business activities at an affordable price please contact us on 1300 542 573 or contact us online.
How much does sole trader professional indemnity insurance cost?*
For many self-employed sole trader combined professional indemnity and pubic liability insurance policy start from $580.
Sole trader business insurance cost: from $580 for $1 million professional indemnity PLUS $5 million public liability insurance
Please note : pricing may vary significantly from the above based on your size, clients, experience and specific sole trader activities. Sole traders working on large commercial clients and government typically represent greater risk; require greater limits and higher premiums.
For a sole traders professional indemnity and public liability insurance cost for your business TALK to a SMART Business Insurance broker on 1300 542 573.
How do I get a sole traders professional indemnity Insurance quote?*
Depending on the nature of your sole traders activities, the size of your projects, the size and type of clients you service and whether engage sub-contractors, different insurance companies and underwriters are likely to provide suitable and affordable cover.
For a suitable and affordable business and professional indemnity sole tradersinsurance quote TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online.*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a SMART insurance broker on 1300 542 573 for more information.