As a sole proprietor, you’re used to wearing many different hats to get the job done. You look after every aspect of your business and enjoy the perks of working on your own, under your terms. If you’re just starting out your own business or working as a freelancer full-time, it’s vital to ensure you are set up for success.
Some independent business owners assume their home insurance can cover their business activities. The reality is, that most homeowner’s policies exclude business-related claims or have a low monetary limit that won’t provide adequate coverage. Furthermore, as a sole proprietor, there isn’t a separate legal entity between your personal and business assets. In simple terms, this means you’re responsible for all the risks of your business – and those can extend to your personal property and assets. Scary stuff, and that’s why it’s important to protect your business.