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.
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