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:

 

Office Space: Insurance risks are big for small business - Reading Eagle

Reading Eagle

Office Space: Insurance risks are big for small business
Reading Eagle
Businesses are hacked every day, and if your business handles e-commerce transactions or collects personal information online, cybersecurity insurance may be at the top of your needs list. Should this happen and you're unable to provide an online .

..


Business interrupted: hurricane-damaged firms dig in for insurance fight - Reuters

Reuters

Business interrupted: hurricane-damaged firms dig in for insurance fight
Reuters
Business interruption policies typically require EURœdirect physical damageEUR as a condition of coverage, said Loretta Worters, a spokeswoman for the Insurance Information Institute, a insurance industry-funded communications group.It was Arnold's second .

and more »
..


Most workers comp medical reviews agree with treating physician - Business Insurance

Business Insurance

Most workers comp medical reviews agree with treating physician
Business Insurance
In the first half of 2017, more than 91.3% of all utilization review physicians' modifications or denials of treatment that were reviewed by an independent medical review doctor in California were upheld, a study released Thursday by the Oakland-based .

..


Global Aerospace offers professional liability coverage for aerospace sector - Business Insurance

Business Insurance

Global Aerospace offers professional liability coverage for aerospace sector
Business Insurance
Global Aerospace Inc. on Monday said it is introducing aviation professional services liability insurance for the aerospace industry. The coverage will be available to aerospace contractors, aircraft maintenance providers, auditors and engineers, among .

and more »
..


Minnesota nears deadline to get insurance rate approval - Post-Bulletin

Post-Bulletin

Minnesota nears deadline to get insurance rate approval
Post-Bulletin
ST. PAUL EUR” Minnesota is running out of time to receive the federal government's approval of its plan to lower health insurance premiums next year. The $542 million reinsurance proposal would keep premiums purchased through the state exchange about 20 .

and more »
..


Ironshore's negligence charges against Navy in pollution case reinstated - Business Insurance

Business Insurance

Ironshore's negligence charges against Navy in pollution case reinstated
Business Insurance
A federal appeals court has reinstated negligence charges filed by Ironshore Specialty Insurance Co. against the U.S. government in connection with a Navy ship's oil spill. New York-based Ironshore Specialty filed suit against Wollaston, .

..


Why insurance adverts are going for laughs - Insurance Business

Insurance Business

Why insurance adverts are going for laughs
Insurance Business
Why insurance adverts are going for laughs A referee EURœway over-explainsEUR his food choice inside a fancy restaurant in the style of sports commentary. An off-screen narrator casually directs viewers who share a similar, no-nonsense attitude that they .

..

Acrisure exec leaves brokerage: Sources - Business Insurance

Business Insurance

Acrisure exec leaves brokerage: Sources
Business Insurance
D. Michael Sherman has left acquisitive broker Acrisure L.L.C. as president of the firm after only four months in the position, sources have told Business Insurance. Attempts to reach Mr. Sherman were unsuccessful and Acrisure General Counsel Adam Reed .

..


Improved loss costs drive New Mexico comp premiums down - Business Insurance

Business Insurance

Improved loss costs drive New Mexico comp premiums down
Business Insurance
The decrease in pure premium is based on a recommendation from the Boca Raton, Florida-based National Council on Compensation Insurance Inc. An improvement in average medical care costs and wage replacement costs drove down the pure premium, according .

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: , ,