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:

 

Reading of the Riot Act limits Sony claims in UK - Business Insurance

Business Insurance

Reading of the Riot Act limits Sony claims in UK
Business Insurance
Mitsui Sumitomo Insurance Co. (Europe) Ltd. & others, the Supreme Court ruled that consequential losses EUR” such as loss of profit and loss of rental income EUR” suffered by Sony, the freehold owner of a warehouse, and customers whose stock was destroyed .

and more »
..


Adequate insurance urged for potentially volatile oil trains - Business Insurance

Auburn Citizen

Adequate insurance urged for potentially volatile oil trains
Business Insurance
New York State Comptroller Thomas P. DiNapoli has sent a letter to U.S. Transportation Secretary Anthony Foxx calling on the federal government to require railroads that transport oil to carry adequate insurance to cover cleanup costs and other .
NY comptroller urges more insurance for rail oil spillsAuburn Citizen

all 8 news articles »
..


Regulators issue interim Zika virus prevention advice - Business Insurance

Business Insurance

Regulators issue interim Zika virus prevention advice
Business Insurance
The guidance, issued Friday, will continue to be updated as new information related to Zika virus transmission and its health effects becomes available, but the agencies issued several recommendations for certain classes of workers and business travelers.

and more »
..


Manufacturers feeling aftershocks in supply chain - Business Insurance

Business Insurance

Manufacturers feeling aftershocks in supply chain
Business Insurance
. some increased option of (business interruption coverage), or more interest in understanding both business interruption and supply chain impact and how perhaps the insurance industry may modify the wayEUR¯ that business interruption or contingent .

and more »
..


Health insurer execs reap massive rewards in deal-heavy 2015 - Business Insurance

Business Insurance

Health insurer execs reap massive rewards in deal-heavy 2015
Business Insurance
UnitedHealth Group Inc. CEO Stephen Hemsley earned $14.5 million in 2015, according to a filing Friday, but he wasn't the top-earning health insurance executive. The highest-paid CEO in 2015 was Michael Neidorff of Centene Corp., a national Medicaid .

and more »
..


 

Many, if not all of the links on this website are affiliate links which means that we will be compensated if you choose to buy at some point in the near future. Please accept our sincere thanks for your support.


Technorati Tags: , ,