Error and omission insurance, also known as professional liability insurance for a sole proprietorship, is important to cover errors or errors in the. Sole proprietors must have at least general liability insurance. This coverage protects you if someone files a lawsuit accusing you of damaging your property, injuring it, or damaging your reputation. As a sole proprietorship, a lawsuit could jeopardize your personal assets, not just your company's finances.
If you work strictly nights and weekends away from home, the risk of a lawsuit is quite low, but it still exists. Look for a single-owner insurance policy, such as general liability insurance, for basic corporate liability protection. A business owner's policy, also known as BOP insurance, brings together general liability insurance and commercial property insurance in an affordable package. You can get HNOA insurance as a stand-alone policy or as an additional clause to your general liability insurance.
Some homeowners require certain coverages, such as general liability insurance, even if you're an independent contractor or subcontractor. Regardless of the type of business, telling people that your company is insured can be a sign of professionalism and financial stability. Many small business owners get a business owner's (BOP) policy. A BOP perfectly combines general liability coverage with commercial property insurance.
BOPs often save sole proprietors money because they don't have to buy policies separately. If a contract for an event or job requires you to have commercial insurance, Thimble offers insurance policies every month or for a specific job. With commercial supplemental coverage, you can protect your company's assets with additional liability coverage for claims that exceed the coverage limits of your general liability, commercial auto, or employer liability insurance. What that means for you and your business can be difficult to understand, and it's also important to consider sole proprietor insurance.
NEXT is a one-stop-shop to help self-employed professionals and small business owners find the right insurance at affordable prices. Some homeowners use personal supplemental insurance to protect their personal property from incidents that exceed the coverage limits of their home and auto liability insurance. Whether you need insurance for your cleaning business, personal trainer insurance, or other insurance, Next may be a good option. Here are NerdWallet's picks for finding the best business insurance options for sole proprietors, based on each company's financial strength, the volume of customer complaints, online features, and the claims experience.
NerdWallet's business insurance ratings reward companies that offer reliability and ease of use to small business owners. Many small business owners purchase supplemental commercial insurance to meet a contractual obligation that requires coverage limits beyond their existing policies. Keep in mind that HNOA insurance does not cover accidents while traveling to work, while running personal errands during business hours, or physical damage to your own vehicle. Commercial supplemental insurance doesn't cover malpractice lawsuits, professional liability claims, or damage to business property.
You can get a commercial car insurance quote online from Allstate, which is one of the top 10 commercial auto insurance providers by market share in the United States. .
