Can i get insurance as a sole proprietor?

If you're a sole proprietor, commercial insurance, such as general liability insurance, commercial auto insurance, and a business owner's policy, can protect your business and personal assets in the event of lawsuits and other risks. Being a sole proprietor can make things easier when it comes to taxes, but it can be difficult to buy health insurance. Group health insurance plans don't always apply to sole proprietorships. Group health insurance is an insurance plan that a group or organization, such as a company, can purchase for its members or workers.

For a sole proprietorship to qualify for a small business plan, it would have to have a de facto employee, excluding the owner and spouse. Insureon helps individual owners and small business owners compare business insurance quotes with a simple online application. However, as long as you keep another employee, your company may qualify for one-person group health insurance. This insurance covers when a company makes a mistake and the mistake causes financial damage to another person or entity.

Keep in mind that health insurance options for self-employed individuals and businesses may vary by state. Sole proprietorships are less expensive to set up, but they are also riskier to operate, increasing the need for insurance for small businesses. These factors include the type of company being insured, the state in which the company is located, the company's annual revenues, the number of professionals providing services, and whether or not there have been any claims in the past. These professionals are trained to understand the nuances of a sole proprietorship and help find insurance that can meet the needs of a small business owner like you.

Sole proprietors have the same legal responsibilities as corporations and are generally eligible to receive the protections of most small business insurance policies. Regardless of the type of business you run, a licensed insurance broker can help you find the best group plan at the right price. This is important because a sole proprietor secures a business with their own money and with the company's money. Sole proprietors are the only people who need to be insured for their business, a factor that generally reduces the cost of insurance.