The Public Liability Insurance Tasmania Needs

In the diverse landscape of Australian business, sole traders play a pivotal role.

They account for almost one-third of all registered businesses in the Great Southern Land and at RSM Tasmania we specialise in providing the best value for money cover for all the essential insurances that they need.

Sole traders, by definition, are individuals who own and operate their business single-handedly. They are the sole decision-makers, responsible for the management, profits, and liabilities of their venture.

Who Becomes a Sole Trader and Why?

The path of a sole trader is often chosen for its simplicity and direct control over business decisions. It appeals to a wide array of individuals, from freelancers and consultants to tradespersons and retail shop owners.

This business structure is particularly attractive for those looking to test a business idea, work independently, or operate with minimal overhead costs. The allure of being your own boss, coupled with the ease of setting up and winding down, makes it a favourable option for many Australians.

If you decide this is the right structure for you, it’s important to ensure you also have the right insurance cover for your business.

Insurance Needs for Sole Traders

For sole traders, navigating the world of insurance can seem daunting, yet it is crucial for protecting against unforeseen events. At RSM Tasmania, we understand the unique challenges faced by sole traders and the importance of insurance solutions tailored to your individual needs.

Compulsory Insurance

Some forms of insurance are required by law.

One of the most important of these is Public Liability Insurance, which covers claims for bodily injury and property damage caused by the business to third parties during its operations.

Even the most careful businessmen and women can have accidents and things can go wrong that are totally out of their control. Public Liability helps to cover you should the unforseen occur.

Workers’ compensation insurance is compulsory if you have employees. However, Workers Compensation Laws are different in every State so it helps to deal with a local insurance broker who understands the regulations you will be working under.

Third party personal injury insurance is compulsory if you own a motor vehicle. This can be a part of your vehicle registration fee.

Plus there are a few other insurances that your business may need that might not be apparent when you start working for yourself. That is why seeking the help of an insurance broker like RSM Tasmania make so much sense. Here are a few examples.

Income Protection Insurance: Given the reliance on a sole trader’s ability to work, income protection can be a financial lifesaver in the event of illness or injury preventing business operations.

Professional Indemnity Insurance: Essential for professionals providing advice or services, this insurance covers legal costs and claims for damages arising from acts of professional negligence.

Property and Equipment Insurance: Protects the tools of your trade and business premises against damage or theft.

There may even be necessary insurance cover for matters that are specific to your business. Your broker can offer all the advice you need but make sure you tell them everything you do.

Conclusion

Being a sole trader in Australia embodies the spirit of entrepreneurship and independence. However, with the rewards come responsibilities, chief among them being adequately insured.

At RSM Tasmania Insurance Brokers, we specialize in guiding sole traders through the complexities of insurance, ensuring that they are well-protected with policies like Public Liability Insurance in Tasmania and beyond.

Whether you’re embarking on a new business venture or looking to reinforce your existing operations, understanding your insurance needs is paramount to your success and peace of mind.

Talk to Roger Hosie from #RSMTasmania today.
Call Now! (03) 6244 7854, or email roger@rsmtasmania.com.au 

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