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McClain Matthews Insurance Blog

Business Insurance: Which Coverage Policies Are Required For Sole Proprietors?

8/1/2022

4 Comments

 
Picture
​For people who operate as sole proprietors, solid business coverage helps protect them from lawsuits, destruction of properties, and loss of income. Compared to larger corporations, sole proprietors face a higher level of risk. 

While many sole proprietors believe they have fewer chances of being sued, they frequently lack the tools that larger corporations have to endure the consequence of a costly legal battle.
Coverage Against General Liability
Apart from the traditional "slip and fall" coverage it provides from third-party liabilities, this also covers:
  • Destruction of someone else's property 
  • Product liability (if you're sued for a defective item)
  • Marketing harm 

BOPs also combine general liability and business property damage coverage plans into a single low-cost package with multiple benefits, including:
  • Lawsuits filed by customers
  • Defamatory legal costs
  • Replacing destroyed or missing commercial property
  • Lost income substitution

E&O Insurance For Expanding Businesses
Professional liability insurance (aka errors and omissions insurance) is frequently used by those in the professional services industry, like real estate and accounting. For example, it'll cover you if you're sued for professional mistakes like:
  • Not meeting deadlines
  • Information breaches
  • Unfinished work
  • Intellectual property infringement

Worker's Compensation Coverage
When you start expanding and hiring, make sure you have worker's compensation insurance in case of accidents necessitating:
  • Medical expenses
  • Continued care
  • Loss of income

Check-in with your state requirements to see if you're expected to have a certain number of employees before getting this plan.

Business Interruption Coverage
This plan may compensate you for any financial losses if your company is forced to shut down due to unforeseen events like severe weather. On average, it covers lost income, everyday costs, rent, costs for relocating, etc.

Conclusion 
A sole proprietor is a single business owner who reports their business income on an individual federal income tax return. Additionally, sole proprietorships have many different coverage policies and requirements depending on the type of business and where it operates in the United States. 

Hopefully, this article helped you understand which coverage policies are required for sole proprietors.

At McClain Matthews Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (317) 298-7500. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.
4 Comments
Jessie Holloway link
2/15/2023 08:45:14 am

Thanks so much for talking about the different things general liability covers like third-party issues. My brother owns a small business and since it's been growing he's been looking into getting some insurance coverage. We've been looking to find a provider who can help him choose the right kind of insurance for what his business does and might need.

Reply
Karl Buetow link
2/15/2023 09:06:47 am

Thank you for your positive comments. We are am happy to help. Our first step is to help educate our clients by explaining the many different types of insurance coverages and provide options that best fit their needs.

Reply
Eli Richardson link
2/22/2023 09:53:16 am

It's helpful to know that if you're hiring employees, you'll need worker's compensation coverage. Next spring, my uncle's opening a pawn shop and will hire a few employees to run it, so I believe he'd benefit from reading your article. Thanks for the information on business insurance and its different policies that protect you from accidents.

Reply
Daisy James link
3/13/2023 11:37:01 am

It's good to know that you will be able to be covered for medical expenses when you have worker's compensation coverage. My uncle told me on the phone last night about how he plans on starting his new company in July, and he talked about how he wants to make sure he gets the right coverage for it. I'll pass this information along to him so he can know how to choose the right insurance for his business.

Reply



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