Business protection myth #1: do sole traders need it?
If a sole trader employs just one person, the case for business insurance can be stark…
Most business protection guides include sole traders when they are listing types of business structures that exist – however, few tend to truly explore their actual business needs.
Instead, the guides tend to concentrate more on partnerships, limited liability partnerships, and limited companies, probably because these structures tend to lend themselves more readily to the idea of ownership protection (they also tend to be larger businesses, so there may indeed be more to talk about, typically).
Either way, a first-time reader of one of these guides could be forgiven for thinking that sole traders don’t need business protection. So are they right?
