If you believe that because you’re a sole proprietor your needs for Business Insurance are small and simple, you may be making a very costly mistake. Be aware that business dealings, even on a relatively small scale, can involve complex liabilities. The smartest thing to do is consult with an experienced professional in the insurance field. If your business is located in New Jersey, the professionals you seek work at Blue Lion Insurance Advisors, LLC.
We can be reached at (732) 649-1600 or you can contact us online. What sets our enterprise apart from others is that our team is not affiliated with any particular insurance company so we are free to make meeting your needs our top priority. Our primary goal is to make sure that your Business Insurance keeps your company Blue Lion Strong™.
But aren’t larger companies at greater risk than my small sole proprietor establishment?
The short answer is No. As a matter of fact, all businesses (at least those in industries with similar risk factors) can be hit by similar catastrophes:
- Fire or extreme weather
- Workers who suffer workplace injuries
- Cyberattacks
- Lawsuits for false advertising, theft of intellectual property, employment discrimination
Often the only difference is that when such calamities hit large corporations have the funds to repair and replace furnishings and inventory, to engage high-priced attorneys, and to weather a period during which revenue diminishes.
As a matter of fact, according to The Brattle Group, the very smallest businesses are burdened by 10 times the liability costs of companies 50 times their size. This means that making sure that you have the right types of insurance coverage is as vital to the well-being of your business as doing your due diligence in regard to having a robust business plan and the financial resources necessary not only to open your business but to keep it thriving.
Which insurance policies do sole proprietors need?
Your needs for insurance coverage as a sole proprietor will vary according to where you’re located, the nature of your business, the size of your staff, the clientele or customers you serve, and many other pertinent factors.
This is where contacting the insurance experts at Blue Lion Insurance Advisors, LLC is invaluable. Our advisors have been thoroughly trained to understand all types of insurance and all aspects of risk management, so they will be able to guide you to the most protective, cost-effective policies on the market, regardless of which company offers them.