Does a Sole Proprietorship Need Insurance Coverage?

A sole proprietorship is an unincorporated business entity with one owner. It is the simplest form of business entity and the most common. A sole proprietor is given all the business profits but is also responsible for any losses and liabilities.

If you are a sole proprietor in St. Augustine, FL, Tim Huber Insurance would like to take a moment to talk to you about the many benefits of commercial insurance for your business.

What risks does your business face?

Every business faces risks, from the smallest mom-and-pop shop to the largest corporation. Risk isn’t always obvious. Here are some examples of threats your business may face:

  • Physical damage – Natural disasters, vendors, or even your employees could damage your business property.
  • Liability – If your employees are injured, your business could be held liable. Your business could also be held liable for the actions of your employees on another person’s property. If a customer is injured in your business, you could be held responsible for their injuries.
  • Reputation – A lousy reputation could damage your business. A bad review online can cost you thousands of dollars in lost business. The actions of your employees could also damage your business.
  • Security – Thieves or vandals could target your business. You could fall victim to online crimes even if your business is not physically targeted. Cyber risk can be even more damaging than a physical crime.

These are just a few examples. You’re responsible for all these damages when you’re the sole proprietor. If you don’t have insurance, you will pay for these damages out of your pocket.

Are you a business owner in St. Augustine, FL? Contact Tim Huber Insurance today to learn more about protecting your business with commercial insurance.