Sole Proprietors and Business Insurance
Sole Proprietors and Business Insurance
Business insurance is an important part of any company’s business plan, no matter how large or small. If you are a small business owner, especially if you are the sole proprietor, the importance of sufficient business insurance is even more significant. It may not seem fair, but it is true.You may have less resources than a larger company but business insurance can actually be more important.
Large corporations, for example, are protected by their organization. Owners of these companies or their shareholders will seldom be held accountable for the actions of the corporations. Their personal wealth is certainly rarely at risk.
Even owners of smaller companies who have set up a corporation or LLC will have some protection from being personally sued or being held accountable for the company’s actions. A sole proprietor, however, may not have such protection. Not only may the company’s assets be at risk but personal wealth as well. This is why business insurance for a sole proprietor is so critical.
Business insurance can protect real estate and property like furnishings, computers, and inventory. It can provide coverage against calamities like fire, storms and even vandalism and theft. Perhaps most important for a sole proprietor, it can provide vital liability coverage. Should a small business face a liability claim due to an injury or the actions of an employee, the liability provisions of a business insurance policy can take care of legal costs and any settlement or judgement costs. This not only preserves the assets of the company but of the sole proprietor as well. This is important to remember if you are a sole proprietor, including those operating a home-based business.
Sole proprietors are on the front-line of small business owners and can be frequently at higher risk. They can benefit from well-planned, affordable business insurance coverage like that offered by our independent agents. Contact us and let’s discuss your business and your needs. Let us help you better protect your hard-earned assets.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Things Your Kids Don’t Want to Inherit From You
Downsizing is Tough, But an Important Step to Take…For Your Adult Children
Buying a Car? Look at the Big Picture
If You Are Just Buying a Car Based on Price, You may Be Overpaying
Protect Your Home with These 6 Items
It Doesn’t Take a Major Investment to Make Your Home More Secure
Little Known Facts of Our Favorite Games
Some of the Family Games We Play Have Interesting Origins
Some Common Mistakes of Small At-Home Businesses
Is Your Small Home-Based Business Guilty?
The Right Recipe For Your Life Insurance Program
What Are the Ingredients for Your Life Insurance Program?
Car Production Facts Which You May Not Know
Ford’s invention of the assembly line made cars affordable for millions of Americans. Read some interesting car production facts you may not have known.
When Pizza and Beer Isn’t Enough
Moving used to just take a pickup truck, some friends and pizza and beer. That may just not be enough anymore.
Saints, Forts and Presidents, Why Our Cities are Named What They Are.
Many US City Names Have their Origins in Common
The Business Plan Debate
Are Traditional Business Plans Still Viable?