What insurance to I need as a sole trader SME?
As a sole trader, the first thing to do is check what insurances your customers expect you to have in place. Beyond that, there are two areas that you are likely to need cover for:
Sole traders’ Public Liability Insurance
Prosecutions are all-too-common in the construction trade, and could come from any direction. A minor lawsuit could put you out of pocket and seriously set back your earning power, while a serious lawsuit could put you right out of business.
Note: you can extend SME Public Liability Insurance to include Product Liability, which covers you against claims arising from any products you supply.
Sole traders Employer’s Liability Insurance
It sounds unlikely, but Employer’s Liability Insurance is a legal requirement for sole traders, so don’t get caught without it. You may only employ staff on a temporary, casual or part time basis, but Employer’s Liability is still essential, and will protect you against claims made against you by anyone you employee, either now or down the line.
What is risk management, and how can BJP help protect my SME?
Working in the construction trade, you face risks each and every day – some of which can be difficult or even impossible to insure yourself against. But if you had an HSE inspection, those weak areas could bring down your business.
So how do you protect yourself against the uninsurable?
Not all aspects of your business can be insured against (for example, materials shortages) – but with the right support, you can minimise the risks considerably. When you buy your insurance through BJP, we provide you with a free risk assessment tool that provides you with a personalised risk report. Following the results of your report, you can make use of our free legal advice hotline to get support reducing your worst areas of risk.