Being a sole proprietor is the simplest way to structure a self-employed business. However, this legal structure offers little protection, and you’re unlikely to have much protection from personal insurance policies. Therefore, if you’re one of the many sole proprietors in Boca Raton, FL, you may indeed want commercial insurance.
Understanding the Risks in Florida
As a sole proprietor in Boca Raton, FL, you can be personally liable for any debts or damages related to your business. This means if your business faces a lawsuit or incurs debts, your personal assets — possibly including your home or savings — could be at risk.
Additionally, no business structure offers robust protection for your business itself. If your business is responsible for major property damage or a severe injury, it might be sued regardless of whether it’s a sole proprietorship, LLC, or corporation. Using one of these other structures merely offers you some personal protection.
Protecting Against the Risks
Commercial insurance is available to protect your business against many of the risks it faces. In doing so, a commercial insurance policy can offer you greater personal protection. Although the insurance is for your business, you’re less likely to be personally sued if a settlement is covered by commercial insurance.
There are many types of commercial insurance you might consider. General liability insurance, commercial property insurance, and product liability insurance are a few of the things that we at Coastal Premier Insurance Group often see sole proprietors get. Which you should have depends on the particular services or products you offer.
Find the Commercial Insurance You Need in Boca Raton
If you’re a sole proprietor in Boca Raton, FL, let Coastal Premier Insurance Group help you find the commercial insurance you need. Contact us today to speak with an agent.