Sole trader insurance
Be quote confident
We're big on fairness. So if you find a lower price for a comparable quote, we won't just match it – we'll go one better and beat it.
So even better than apples to apples, apples to better apples. We're talking Galas to Braeburns.
As you'd expect, T&Cs apply.
Why do sole traders need insurance?
On top of running the show yourself, being personally liable for a business can be daunting. But having the right insurance in place can put your mind at ease, especially if something were to go wrong.
Getting complete cover that's tailored to your business could provide invaluable financial and legal protection if an accident or incident happened. You'll also get access to helpful claims and customer success teams who are always on hand to answer your questions.
- Choose from £1m, £2m or £5m of public liability cover
- Get access to your policy documents instantly
- Make changes to your policy or level of cover at any time, for no extra cost
- Optional cyber, employers' liability, business equipment cover and more
What insurance do sole traders need?
Public liability
Public liability insurance offers financial and legal protection in the event that someone is injured or their property damaged accidentally by you while you're working.
For example, if you were to visit a client's office and spill something on their laptop, public liability insurance may cover the cost to repair or replace it.
Business equipment
From portable electronics like a work phone or laptop to more specialist equipment such as a film camera or heart monitor, if you use certain equipment to do your job, business equipment insurance could help. It's designed to protect it from theft, loss and damage, providing a repair or replace service so you can get back to work as quickly as possible.
Personal accident
If you suffered an accident or injury at work that left you unable to do your job, personal accident insurance would pay compensation to cover your earnings until you get back on your feet.
Cyber cover
If you work with sensitive client information or store personal or financial customer or client details, you might want to consider cyber insurance. It offers financial and specialist support in the event of a data breach.
Sole trader insurance FAQs
What is a sole trader?
The term ‘sole trader’ is a certain type of business structure in the UK and is used to describe a person who owns and runs their business as an individual. Sole traders are entitled to keep profits after tax, but they're also personally liable for any losses.
A sole trader set-up is the most common type of self-employed business in the UK, and often the simplest way to get started. If you’re a sole trader, you're in control and decide what your business does.
You can read more about this in our guide to the different types of business structure.
How much excess would I have to pay if I make a claim?
On many of our policies, you don’t have to pay any excess, however, this varies depending on the size of your business, the type of policy and level of cover you have. We’ve worked hard to make sure the excess is as low as possible for the cases where you have to pay one. You will be notified what excess you might have to pay if you make a claim at the point of receiving a quote.
Authorised by the FCA
The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.
A-rated financial strength
Our insurance products are underwritten by Standard & Poor’s A-rated financial strength or higher. This means the underwriter has been independently assessed by the world’s leading credit rating provider and found to have a strong capacity to meet financial commitments (pay claims).
Protected by the FSCS
If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk.