All small businesses in Vermont need to be insured. Even the smallest of business owners, sole proprietors, should have an insurance policy for their business. If you operate a business as a sole proprietor in Williston, here’s why you need small business insurance -- even though your business may not be very big.
Why You Still Need Small Business Insurance in Williston
Personal Insurance Policies Aren’t Meant to Insure Businesses
In general, personal insurance policies aren’t designed to insure businesses. They’re personal policies, after all. Personal auto insurance policies often won’t cover all business uses of a vehicle, so make sure to plan accordingly. Your homeowners or renters insurance policy might provide some protection for your sole proprietorship, but it likely doesn’t provide complete protection.
Specifically, your homeowners or renters insurance policy may not cover business assets that you have. For instance, if you have a doing business as (DBA) license that you sell handmade pottery under, your homeowners or insurance policy might not cover your supplies, wheel, kiln and finished pieces because these are used for business, and not personal, uses.
(You should always check with your insurance agent to see what your insurance policies do and don’t cover.)
Sole Proprietors in Williston, VT Need Small Business Insurance
If you are a sole proprietor, you’re a small business owner. Even though your business’ structure may be simple, it’s still a business -- and you need business insurance to protect your small business.
The specific kind of small business insurance you ought to consider will depend on the nature of your business. You might need a commercial insurance policy that should provide:
Property coverage for your business' buildings
Coverage for your business’ other assets
Auto coverage when you’re driving for business reasons
Liability coverage for you while you’re working
Other, specialized coverages specific to your work
If you need more than one kind of insurance, you might want to consider a package. Because companies frequently need several insurance policies, agents serving Williston areas are sometimes able to both save the companies they serve money and make the insurance-buying process easier by including multiple policies in a single package. As a sole proprietor, a package may or may not be appropriate for you.
Get Help from an Independent Insurance Agent
If you don’t have small business insurance and want help understanding what insurance coverage your small business needs, contact an independent insurance agent who serves Williston. An independent agent that offers commercial insurance policies will be able to review your personal policies to see what coverages you already have. If necessary, they’ll also be able to help you find commercial policies that will provide your sole proprietorship with the protection it needs.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions and conditions of the applicable policy. For an actual description of all coverages, terms and conditions, refer to the insurance policy.
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