One important coverage you may want to consider is professional liability insurance for sole proprietorships. Professional liability insurance, or error and omission insurance, helps protect your business if you're sued for errors in the professional services you've provided. 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. Professional liability insurance protects sole proprietors from service-related lawsuits. If your small business offers its customers professional services, such as floor repair or database design, professional liability insurance may be necessary. If your company is product-based, you may not need such coverage.
Consider the type of business your company does to determine if professional liability insurance is right for your company. You may also consider the following types of commercial insurance depending on the type of work you do. Small businesses that benefit from professional liability insurance include computer programmers, manual workers, and architects. You can get a commercial car insurance quote online at Allstate, which is one of the top 10 commercial auto insurance providers by market share in the U.S.
UU. Here are NerdWallet's picks for the best business insurance options for sole proprietors, based on each company's financial strength, the volume of customer complaints, online features, and claims experience. You're also responsible for losses and accidents that occur because of the business, but if you have the right commercial insurance you won't have to pay fully out of pocket. 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.
It's important to consider all the potential risks your company is facing and where there is the greatest chance of an accident, injury, or lawsuit before getting your insurance quote. If you're selling products instead of services, professional liability insurance may not be necessary for your business. But how does being the sole responsible person in a company affect the type of insurance they might need? The best commercial insurance companies for individual homeowners make it easy to quickly get the coverage you need. Loss of income when your business is unable to operate due to a disaster covered by commercial property insurance Commercial property insurance can help protect your company's equipment, inventory, and the building where you work.
If you need commercial property and business interruption insurance, consider a policy for business owners.
