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As a sole trader in Australia, you have unlimited personal liability — meaning your personal assets (home, savings, car) are at risk if a claim is made against your business. Public liability insurance and professional indemnity insurance are strongly recommended, and may be required by your clients or licensing body.
At minimum, most sole traders need public liability insurance if they interact with the public, clients, or work on other people's property. If you provide advice or professional services, professional indemnity is also essential. Sole traders in trades or construction typically need contract works insurance and tool cover as well. Working from home does not mean your home and contents policy covers business-related liability or equipment.
Standard home and contents insurance typically excludes business-related liability and may exclude business equipment above a low limit. If you work from home and meet clients there, or store significant business stock or equipment at home, your home policy will likely not respond to business-related claims. You need a separate public liability and/or business property policy to cover these exposures.
CoverMy connects you with licensed Australian insurance brokers who compete for your business.
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