If you’re a single-member LLC that’s not a sole proprietorship, you’re considered a separate legal entity from your owner. As such, you’re responsible for your taxes and any legal obligations that come with your business.
There is no need for a single-member LLC to have insurance. It is recommended that you carry general liability insurance if you have employees, but there is no reason for a single-member LLC to have it.
A single-member LLC, like most LLCs, is a pass-through tax entity that doesn’t pay taxes itself, but rather pays taxes through its owner. However, because an LLC is not a corporation, it doesn’t get the same legal protections as a corporation.