Do sole proprietors need insurance?

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MALE VOICEOVER: As a sole proprietor, your personal and business finances are legally tied together. If your business gets sued, your personal assets like your savings, home, or car could be at risk.

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With business insurance, you can safeguard your livelihood and your personal assets from costly claims, accidents, and legal expenses.

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Let’s take a closer look at some of the top policies that can help protect your business.

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General liability insurance covers common third-party risks, such as customer injuries, property damage, or advertising injuries like libel or slander.

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[video: Under above header, three bullet points display the text: "Accusations of negligence"; "Work errors that cost clients money"; "Missed deadlines"]

Professional liability insurance, sometimes called errors and omissions, protects you from lawsuits over work mistakes, missed deadlines, and professional oversights that cause a client financial harm.

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Workers’ compensation insurance is required in most states if you hire employees. It covers medical costs and lost wages from job-related injuries. Even if you don’t have employees, you may want optional coverage for yourself since personal health insurance usually won’t cover work injuries.

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Cyber insurance can help protect your business from the high costs of cyberattacks and data breaches, including phishing scams and ransomware.

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[video: Under above header, three bullet points display the text: "Auto accident injuries"; "Property damage from vehicles"; "Vehicle theft and vandalism"]

Commercial auto insurance covers accidents involving a vehicle owned by your business. If you use your personal car for work purposes, you may need hired and non-owned auto insurance instead.

So, why is insurance important for sole proprietors?

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Because your personal and business assets are legally connected, one lawsuit could threaten everything you’ve worked for.

Insurance helps shield your finances, keeps your business running, and may even be required to sign contracts, lease space, or comply with state regulations.

It also builds client trust by showing you take your business seriously and have safeguards in place. Some clients may require you to have insurance to sign a contract.

We make it easy for sole proprietors and small business owners to find the right, most affordable coverage.

Get free quotes for your small business with Insureon today.

Click the link to get started!

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