As a sole proprietor in the Youngsville, NC area, you are the face and name of your business. You are also solely responsible for its debts and liabilities. This can be a great way to keep control over your business, but it also comes with some risks.
Here are some tips from Holmes Insurance Services to help you protect your business as a sole proprietor.
Sole Proprietorships: What are they?
A sole proprietorship is a business owned and operated by one individual, as opposed to a corporation or limited liability company (LLC). There are many benefits to running a sole proprietorship, like the ability to operate your business how you see fit, set your hours, and run it how you want to run it.
The importance of property and liability insurance for sole proprietorships
A sole proprietorship should have commercial insurance to protect the business from liability if something goes wrong. If there is an accident or injury on the premises, the company could be sued for damages. Commercial insurance can help to cover the costs of a legal defense and any damages that may be awarded.
How to choose the right insurance for your sole proprietorship
As the business owner, you are responsible for all the costs associated with doing business. This includes the cost of potential litigation if you are sued or lost after an accident. Without proper insurance coverage, you will end up paying the price out of pocket.
If you are a sole proprietor in the Youngsville, NC community, reach out to Holmes Insurance Services today to learn more about the risks small businesses face and how to insure your own business.