Commercial insurance is typically designed for established businesses, but self-employed individuals should also consider specific policies before conducting business. Depending on the nature of your work, you may need coverage tailored to your unique needs.
Liability Coverage
Liability coverage is essential for most businesses, especially sole proprietorships. These types of businesses often mix personal and business finances, which can put your personal assets at risk if you face a liability lawsuit. Liability insurance helps protect you from these potential financial losses.
Auto Coverage
If you use your vehicle for business purposes, you need a commercial auto insurance policy. This applies even if you use the vehicle for both work and personal use. A commercial auto policy will cover incidents that occur while the vehicle is being used for business purposes. Typically, you only need one policy, even if the vehicle is also used for personal activities. An agent at THINK Insurance & Financial Services can provide more information about this type of coverage.
Property Coverage
If you own a building used for business purposes, property insurance is a worthwhile consideration. A separate building from your home should have coverage to protect against theft, vandalism, or natural disasters. For self-employed individuals who use their residence as a home base, it’s important to ensure your home insurance policy provides adequate coverage for business equipment. If you rent your home, ask about specific policies to cover your business assets.
At THINK Insurance & Financial Services, we work closely with business owners to ensure they have the coverage they need without overspending on unnecessary policies. Contact us today to discuss your business insurance needs. We proudly serve the Pomona, CA, area.
Recent Comments