As a small business owner, you may already hold Public Liability insurance*. But do you know exactly what your policy does and does not cover?

Public Liability and Professional Indemnity are two of the most common types of business insurance in Australia. They both cover compensation claims, but the main distinction is the types of events and risks covered.

You’ve worked hard to build your business, so it makes sense to protect it. Below are the top 5 reasons NHAA members should hold and maintain Professional Indemnity and Public Liability insurance.

Public Liability insurance. It’s one of those fundamental covers that most SMEs are familiar with.

Sole traders are people who own and run a business as individuals. Australian sole traders enjoy many benefits that come with being self-employed, from setting their hours and rates to choosing the clients and customers they work with.

Public Liability? Tick. Professional Indemnity? Sorted. But there’s one business insurance that often flies under the radar — Statutory Liability insurance.

Just imagine: A phone call out of the blue. The caller has a voice you don’t recognise. He’s telling you he is hurt – badly – and you’re responsible. You hang up.

Business insurance is part of many small businesses’ risk management plans, helping them cover unexpected costs and protect their finances. For sole traders, the need for insurance may be even more critical.

There is nothing like being your boss. The freedom, the opportunity to pursue your passion and being in control of your career path. It also comes with the responsibility of managing your finances, marketing and other key plans for success. Any solid business plan should have a focus on risk management strategies and protection for your business for the long haul.