Insurance for Sole Traders
Public Liability and Personal Accident & Illness
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What is sole trader insurance?
Australia is home to over 700,000 sole traders1, and it’s no mystery why. Sole traders enjoy a lot of freedom, from setting their own hours to choosing the people they work with.
But when you’re flying solo, you’re also personally responsible for every part of your small business. If anything goes wrong, it’s up to you to fix it. Mistakes, accidents and other unplanned events could potentially damage your finances or even put you out of business.
Sole trader insurance is designed for the needs of sole traders and the self-employed. It could help you cover a long list of unexpected events that could impact your small business.
Why do sole traders need insurance?
Sole traders might need business insurance to work in certain industries or occupations. Your clients may also require you to have certain forms of coverage to work with them.
Acquire professional licenses
Secure a business loan
Work as a contractor or sub-contractor
Pay legal costs if you face a liability claim
Who needs sole trader business insurance?
Business insurance is essential for many disability support workers, home care workers, and many more, including:
What types of insurance do sole traders need?
We offer a range of policies designed to cover your business, tools and stock. Build an insurance package that suits your needs and buy in minutes.
Popular cover types for sole traders:
Sole traders could also consider:
Let’s cover your small business on the go
Start a quote to see how much you can save and buy online in minutes.
How much does sole trader business insurance cost?
The average cost of business insurance for sole traders will vary with BizCover. The cost of your policies will depend on different factors, such as the services you provide and the size of your business.
Factors influencing cost
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
Get cover that works with the risks of your business
Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.
Unsure how much to choose? Think about:
Statutory Profession Requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
Factors influencing cost
Risks of the industry
Cover level amount
Annual Turnover
Number of Employees
Claims History
Get cover that works with the risks of your business
Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How it works – buying online
5 easy steps to get instant cover online today
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5 Steps to get your biz insured:
- Enter Occupation
Search & select your occupation
- Choose Cover(s)
Select the cover you need
- Business Details
Tell us about your business
- Compare Quotes
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- Get Cover Today
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How to make a claim online
We’ll assist you through the claims process & manage the claim directly with the insurer.
Let us know Fill out our
claims form and provide info
to support the claim
Receive extra support We
will assist you with your claim
Claim results We will notify
you of the claim outcome.
3 Steps to get your biz insured:
- Let us know
Fill out our claims form and provide info to support the claim.
- Receive Extra Support
We’ll assist you with your claim.
- Claims Results
We’ll notify you of the claim outcome.
Award-Winning Tech & People
We’re not ones to blow our own trumpet, but we are pretty proud of our innovative insurance platform, outstanding team, and stellar workplace.
See how much others have saved while purchasing policy through BizCover
Colette
Disability Care Worker from
NSW
Saved
$1,200
on
Public Liability and Professional Indemnity insurance
Andrea
Beautician from
VIC
Saved
$1,500
on
Business insurance Pack and,
Public Liability and Professional Indemnity insurance
Deborah
Cleaner from
VIC
Saved
$3,600
on
Public Liability insurance
Lance
Electrician from
ACT
Saved
$800
on
Public Liability insurance
Stephen
IT Professional from
VIC
Saved
$1,500
on
Information Technology Liability insurance
Linda
Restaurant owner from
NSW
Saved
$1,000
on
Business Insurance Pack and
Public Liability insurance
^ Savings made from January 2024 to April 2025. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
Frequently asked questions
A sole trader can work in any occupation, from accountants and electricians to real estate agents and yoga teachers! Luckily, there are many insurance options that can help you address the unique risks of your small business.
Here are common types of sole trader insurance that you might consider for your business:
- Public Liability: Public Liability insurance for sole traders is designed to protect your business if a customer, supplier or a member of the public claims they were injured or sustained property damage as a result of your negligent business activities.
- Professional Indemnity: If you provide your clients with expert advice or recommendations, you might want to consider Professional Indemnity insurance. Professional Indemnity insurance is an important form of protection for sole traders that provide professional advice or specialist services. It is designed to respond to claims against your business for losses that result from actual or alleged negligent acts or omissions in the provision of your professional advice or service.
- Business Insurance: Business Insurance for sole traders is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). Your Business Insurance package can be customised to include coverage that fits your needs as a sole trader. This might mean covering your portable equipment, business interruptions, tax audits or other parts of your business.
- Personal Accident & Illness: Personal Accident and Illness insurance can provide cover if you become permanently disabled or pass away because of an accident. Cover can also include a weekly benefit for loss of income if you are unable to work due to an unexpected injury or illness (even if it occurs outside of your employment).
Hear from our customers
Real-life customer reviews verified by Feefo
Great service, every single question of mine was answered to 100% satisfaction, keep it up mate.
Satpal S
Excellent, thank you. Quick and easy to fill out
Susanne F
Made life easy for me in a small business
Peter C
Real-life customer reviews verified by Feefo