Understanding Renter's Insurance Plans Understanding Renter's Insurance Plans

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Understanding Renter's Insurance Plans

Hi everyone, my name is James Lewis. Welcome to my website about renter’s insurance plans. When I was renting an apartment years ago, I came home to find the place absolutely soaked with water. Turns out, the neighbor upstairs had an incident with the water heater that was not discovered for hours. Unfortunately, at that time, I did not think to acquire renter’s insurance to cover the damage. Since then, I have explored renter’s insurance options in great detail. I want to share that information on this site to help others understand the important of this type of insurance coverage. Thanks for visiting my site.


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Here Are Some Reasons Why Sole Proprietors Need Business Insurance

As a sole proprietor, you might think that you don't need to worry about business insurance unless your company gets bigger. After all, you're operating on such a small scale that you're unlikely to attract a law suit. No matter what you're doing with your business, here are some very good reasons to consider insurance. 

We Live in a Litigious Society

First of all, we live in a society where people will take any excuse to file an insurance claim or a law suit. Someone trips on your property of their own error? You could be facing a law suit. Your product malfunctions? Lawsuit. Someone thinks you are copying their product or service or mimicking their market? You'd better hire a lawyer. Or, you could just get the appropriate insurance coverages to handle any of these claims for you. 

Your Personal Assets Are Exposed

Especially as a sole proprietor, a lawsuit really leaves you vulnerable. The money your company makes passes straight through to your own pocket, which means that if someone is looking to collect a settlement off of you, it's going to come out of your personal bank account. Ouch. Imagine a single lawsuit taking not only everything you've built with your business, but most of your personal assets as well. 

Freak Accidents Happen

It doesn't matter if the risk is small to be sued in your first year or two of business. Are you willing to face the consequences of rolling an unlucky set of dice? If someone does sue you, are you willing to gamble all of your personal assets? It only takes one freak accident and you in the wrong place at the wrong time for your business to be implicated. 

Insurance Can Be Very Reasonable

The final reason to look into business insurance coverage is that it can actually be more affordable than you think. Especially if you are a sole proprietor who has a modest amount of yearly revenue, the general liability insurance premiums should be affordable. Also look into seasonal business insurance coverage if that suits you best. Commercial auto insurance can be a little bit pricier, but there are ways to reduce the premiums, such as by having your personal auto insurance underwritten by the same insurer under the same policy. Speak with a business insurance broker if you have questions about how to get the best deals on business insurance