Self Employed Liability Insurance - Is It Really Necessary?

Whenever you are employed by a company you are doing most things in the name of that employer.

You are doing as they ask, so when a thing goes wrong, especially when there is a suit filed against you or the business, the company is responsible for attending to it.

Liability insurance is what generally pays for the claims against the company for personal injury damages as a consequence of defects in the goods and services provided or just on the business property itself.

But let's say you run a consulting business, an internet business, or some other sort of enterprise from home. A client shows up to your office for an appointment and slips on an icy step and gets injured. In the event that he or she decides to sue you, you have a bad situation on your hands if they win their slip and fall settlement in court.

You might wind up paying for medical fees, personal injury compensation, lost income as well as other compensation including pricey legal fees. Finding cash for this may prove quite challenging if not impossible without the bankruptcy of your business and perhaps the loss of your personal property too.

A self employed liability insurance policy can protect you from this sort of scenario. Look into different policies and decide upon the one that will provide you the coverage you need. An insurance agent who is essentially a person who provides public liability insurance for self employed people can help you make a well educated decision about which policy is best for you. The self employed liability insurance will have a limit up to which it will cover rewards and legal fees.

Another good option is to have a personal umbrella liability insurance policy. This is good for everyone, not just for contractors, but can be very handy for independent contractors and other people who are self employed because it provides additional protection of the personal assets not related to the company.

What a personal umbrella liability insurance policy does is provide protection above the limits of other policies you hold. For example, if you have home owner's insurance policy with a limit of $200,000 and a fire causes twice that much damage, your personal umbrella policy will cover the second half.

When you have a contractors liability insurance and personal umbrella policy set up, you are able to sleep easy realizing that you are not really vulnerable to losing your entire organization because of one mistake or incident. Plus the personal liability insurance policy cost just isn't very much compared to what you get in coverage. It can mean the difference between losing your business and keeping it.






 

Commercial Insurance News:

 

Member data hacked from medical ID card firm - Business Insurance

Business Insurance

Member data hacked from medical ID card firm
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Newkirk is a service provider that issues healthcare ID cards for health insurance plans including Blue Cross and Blue Shield of Kansas City, Blue Cross Blue Shield of North Carolina, HealthNow New York Inc., BlueCross BlueShield of Western New York, .

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Crain shuts down Business Insurance magazine - Crain's Chicago Business

Crain's Chicago Business

Crain shuts down Business Insurance magazine
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Crain Communications said today that it shut down its Business Insurance publication, cutting 30 employees, mainly in Chicago. The Detroit-based publisher said it closed the 49-year-old magazine because consolidation and other changes in the commercial .

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Active Interest Media debuts 'Clean Eating' redesign; Crain shutters 'Business Insurance' - Talking New Media

Talking New Media

Active Interest Media debuts 'Clean Eating' redesign; Crain shutters 'Business Insurance'
Talking New Media
Crain Communications announced last week that it had shuttered Business Insurance magazine. The August issue will be the magazine's last, and the title's website was scheduled to be closed down on August 9 (though it is still accessible today).

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Arch Capital to Expand Private Mortgage Insurance Business - Zacks.com

Wall Street Journal

Arch Capital to Expand Private Mortgage Insurance Business
Zacks.com
The combination of the acquired property and casualty insurer's mortgage insurance business with United Guaranty's already strong business will result in the formation of the largest private mortgage insurer in the world. The combination will further .
AIG sells mortgage-insurance business to Arch Capital for $3.4 billionMarketWatch
AIG Reaches Deal to Sell Mortgage-Insurance Unit to Arch Capital for About $3.4 BillionWall Street Journal
AIG to sell mortgage insurance arm to Arch for $3.4bnFinancial Times
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Tennessee recognized for business insurance options - Shelbyville Times-Gazette

Tennessee recognized for business insurance options
Shelbyville Times-Gazette
The Tennessee Department of Commerce & Insurance's (TDCI) Captive Insurance Section recently earned a prestigious Highly Commended recognition as part of the 2016 U.S. Captive Services Awards. For the third consecutive year, Tennessee was .

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