Call Us 954.771.0300 ☰ ˟
Call 954.771.0300
Logo
  • Home
  • Get a Quote
    • Automobile
    • BusinessImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Workers Compensation Quote
    • Church
    • Flood
    • Insurance
    • Non-Profit
    • Other
    • Renters
    • Watercraft
    • Windstorm
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto PolicyImage of right arrow
        • Send Declaration and Coverages Information to Lien Holder
    • BusinessImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Homeowners
    • Insurance
    • Other
  • Blog
  • Make a Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Important Files
    • Insurance Glossary
  • About Us
    • Contact Us
    • About Cypress Insurance Group
    • Location Map
    • Employee Directory
    • Supported Charities
    • Customer Testimonials
    • Privacy Policy
  • Certificate of Insurance
Home > Blog > Most Sole Traders Have Inadequate Insurance
MONDAY, APRIL 23, 2018

Most Sole Traders Have Inadequate Insurance

Small business manAs a sole proprietor, you work very hard to build and maintain your business. It goes without saying you want to protect it.

Yet, you may not have enough business insurance. A survey from McKinsey & Co. looked at the rates of coverage in 2016. It found that about 40 percent of small business owners do not have enough insurance.

This is a significant amount. And it should serve as a catalyst for you to shore up your business coverage.

Know the Risks

You may be a consultant, freelancer, or service provider working alone. You may have a physical location or not. However, if you receive payment for a service you provide, you are a business owner.

Sole proprietors often operate small companies. As a sole proprietor, you need to make sure you have adequate amounts of business insurance in place. Without coverage, your business could suffer financially from any incident that takes place.

Here are some examples of damaging situations:

  1. A piece of important equipment breaks down. You may not have the funds to repair it. Your business cannot run as a result.
  2. Someone falls on your property. They might even sue you for medical bills. This creates a liability risk. Your standard coverage may not offer enough protection to minimize all risks.
  3. You have insurance, but lack workers compensation coverage. This puts your employees at risk. You might even be breaking the law by not providing this coverage.
  4. Someone suffers losses from a service you provide. They sue you. They could lay claim to your personal assets if you do not have adequate business insurance to minimize your risk.
  5. Your business faces a claim of libel or slander. Maybe your logo looks too much like another company’s. These are instances in which advertising liability insurance can help.
How Do You Know If You Have Enough?

It’s important to have adequate business insurance in place. Work with your agent. Discuss the type of business you operate. Talk about the assets your business owns. Discuss the revenue you generate.

Then, discuss risks. These include premise liability and other general liability claims. They also include risks related to the products and services you offer. Risks related to fires, vandalism, and theft are a key concern, as well.

Your business insurance agent should work with you to customize your plan. It should represent all risks your company faces. If you do not have coverage, now is the time to seek it out. It can help to protect your company or years to come. And it can give you the peace of mind you need every time.

What are you waiting for? Get covered today with Fort Lauderdale business insurance! Contact us for a online quote.

Posted 6:40 PM

Tags: insurance, small business owner, business insurance, sole proprietor, fort lauderdale, florida
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017

  • insurance(39)
  • fort lauderdale(22)
  • home insurance(17)
  • florida(16)
  • auto insurance(15)
  • commercial insurance(11)
  • business owners(10)
  • business insurance(9)
  • cypress community(6)
  • homeowners(5)
  • flood insurance(4)
  • abuse prevention system(3)
  • hurricane(3)
  • health insurance(3)
  • collision insurance(2)
  • workshop(2)
  • claims(2)
  • workers compensation insurance(2)
  • liability insurance(2)
  • charity(2)
  • church(2)
  • skillful screening seminar(2)
  • contractors(2)
  • security(2)
  • small business(2)
  • comprehensive coverage(2)
  • taxes(2)
  • tort or no fault?(1)
  • auto(1)
  • loss of income protection(1)
  • moving violations(1)
  • child abuse(1)
  • vacation home(1)
  • uber(1)
  • llc(1)
  • key employee insurance(1)
  • umbrella insurance(1)
  • home(1)
  • sole proprietor(1)
  • back to school(1)
  • childrens activities(1)
  • hurricane irma(1)
  • claims assistance(1)
  • new cars(1)
  • car insurance(1)
  • new business(1)
  • car accidents(1)
  • speeding tickets(1)
  • foreign driver(1)
  • pay per mile(1)

View Mobile Version
Logo
Logo
Quick Links
Home Our Products Customer Service Payment Options Report a Claim
About Us Refer A Friend Our Carriers Blog Contact Us
Location
800 Corporate Dr
Suite 220
Fort Lauderdale, FL 33334

Phone: 954.771.0300
Facebook Twitter LinkedIn Google
© Copyright. All rights reserved.
Powered by Insurance Website Builder