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❓ASK How does the choice of company structure affect insurance needs?

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Blaka

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If you're running a sole proprietorship, you are on the hook personally. So get good coverage, including personal umbrella insurance.

In partnerships, everyone shares the risks. Get general liability insurance and maybe partnership insurance for disputes.

Limited Liability Companies (LLCs) give some protection, but there's still personal risk. So, get general and professional liability coverage.

Corporations (C-Corps or S-Corps) give limited liability to shareholders. Leaders need Directors and Officers (D&O) insurance for legal protection.

Nonprofits have unique risks. Get D&O insurance and coverage for your activities.
 
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The structure of a company would have a bearing on the insurance plan it would need. A sole proprietor for sure would need a personal liability insurance that would protect his personal properties in case of the business winding up and owing liabilities to creditors. So does partnership business.
 
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An LLC offers its members limited liability protection, insulating their private assets from debts associated with the company. But in some cases, members might still be held personally accountable for specific debts, commitments, and legal claims.
 
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