Do you have to have insurance as a sole trader?
Working as a sole trader comes with many perks. You are your own boss, responsible for deciding when, where, and how you work. But that doesn’t mean there aren’t risks to consider too. As a sole trader, you’re responsible for your reputation and the work that you do. If a client isn’t happy with that work, or if you accidentally make a mistake, there’s always a chance they could make a claim against you. That’s where having the right insurance cover comes in.
Here at Dinghy, we provide the easiest to use, most flexible business insurance for sole traders that you’re likely to find. Whether you get injured on the job, damage your equipment (or someone else’s), or need to cover legal and compensation fees we’ve got the insurance cover you’ll need. And that’s not all. Dinghy was made for freelancers, by freelancers. Our cover reflects the way you work. You can turn it on or off, up or down – whenever suits you. You don’t pay for what you don’t need, and if you’re not working you can simply turn your insurance off. It’s as simple as that.
What insurance do I need as a sole trader?
Insurance for sole traders is essential. Luckily for you, here at Dinghy we offer a variety of insurance products for sole traders.
– Professional indemnity insurance for sole traders
When you work as a sole trader, professional indemnity insurance is one of the types of business insurance that matters most. It’ll cover any costs and associated compensation to your client if you make a mistake in the course of your work (either now or in the past).
It’ll give you vital financial support when it comes to any legal costs linked to defending a claim made against you, leaving you free to continue with what you do best. It’s an essential insurance for sole traders.
– Public liability insurance for sole traders
A question we hear a lot here at Dinghy HQ is ‘Do you have to have public liability insurance as a sole trader?’. Our answer: we’d strongly recommend that you do. If someone gets injured (or their equipment gets damaged) then your sole trader public liability insurance will step into to cover any associated costs and claims.
Many sole traders will work in close proximity to other members of the public in shared working spaces. Accidents can happen. Whether it’s damage to someone else’s property or an injury to the person themselves, public liability will step up and cover you up to the limits of your policy.
– Business Equipment Insurance for sole traders
For many sole traders, the equipment they use for work is an essential part of what they do. Without that equipment, it’d be very difficult for you to carry on with your role. That’s where our sole trader business equipment insurance cover can help. It’ll cover loss, theft, or damage – whether you’re at home, in an office environment, on the move, or even in a co-working environment. And we cover you worldwide.
If your claim is approved, then we’ll aim to replace your equipment within 24 hours or send the money you need directly to your bank if that proves not to be possible.