As a small business owner, you know all too well that the fate of your business is in your own hands. But did you also know that as a company director or senior manager involved in the management of a company, you also carry specific responsibilities that have the potential to also leave you personally liable if things in your business don’t go as planned.

Having complete control over your business is a wonderful thing, so it should come as no surprise that the sole trader route to business ownership is very popular in Australia’s small business owner community.

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.

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.

Product Liability claims and Product Liability litigation against your business are no joke. In fact, they may severely impact your small business and damage the upstanding reputation you have worked so hard to create around it. Product Liability claims may even potentially push your business beyond the point of no return, which is why Product Liability risk management is a popular choice for many business owners.

In the final piece of our Business Insurance for the self-employed guide, we take a look at Personal Accident and Illness insurance and Cyber Liability insurance. We share the ins and outs of why self-employed workers need to consider these forms of cover.

As a professional service provider, clients rely on your knowledge and experience. Whether you’re providing them with advice, diagnosing a problem or designing a custom solution, you could be in hot water if things go wrong.

There are many legal liabilities that come with business ownership, which is why many business owners look for ways to reduce liability claims against their business and minimise Public Liability risks.

BizCover is once again leading the pack, launching our brand new product: Personal Perishable Insurance.

Cyber Liability insurance has been available since at least the year 2000, however many small businesses in Australia are not taking advantage of the protections a policy can provide. According to one survey, just 40% of businesses1 have any sort of cover in place.