If you are running a business where you are the only employee, you need to make sure you still have the right insurance in place. As a business, you still need to have the right insurance in place in order to protect the work you are doing. Self-employed business owners still need to protect their businesses.

Professional Liability Insurance

If you offer services to others, you are going to want to purchase professional liability insurance. Professional liability insurance is designed to protect your business if you provide a service or advice to a client and they are harmed by the advice or service you give.

Professional liability insurance is designed to protect your business when your advice or services result in a financial loss for a client and they take legal action against you.

General Liability Insurance

The second type of insurance you need is general liability insurance. General liability insurance is different than professional liability insurance. General liability insurance protects you if someone is physically injured at your place of business or due to the work or service that you offer them.

For example, if someone slipped and fell in your office, your general liability insurance would cover that. Or if you create a product that injures someone, that would be covered by your general liability insurance. Anyone running a business should have general liability insurance.

Long-Term Disability Insurance

As you are the sole person running your business, it is smart to invest in a long-term disability insurance plan. That way, if you are ever injured or suffer a health condition that prevents you from running your business, you will still have money coming in to protect your family.

This is essential when you are your entire business. As a sole proprietorship, you are going to want to invest in occupational disability insurance.

Equipment Breakdown Insurance

If your business relies on equipment in order to get work done, you are going to want to invest in equipment breakdown insurance. This insurance will cover repairing and replacing equipment you use every day if it breaks down.

This can include equipment such as printers, computers, and tablets, more specialized equipment, such as lawn equipment, or whatever equipment you need to get your job done. If your equipment is essential to your ability to run your business, this is a smart investment to make.

Cyber and Data Insurance

Many sole proprietorships run business where information and data is stored on the cloud. If you run such a business, you are going to want to invest in cyber and data insurance, which will help your business get through a data breach of customer's private information.

When you run a sole proprietorship, it is especially important for you to carry business insurance. Business insurance will help protect your personal assets and will help protect your livelihood. Talk to an insurance agent today about the structure of your business to determine the type of business insurance you need.

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