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:

 

Too Often, Small Businesses Learn Insurance Lessons After Disaster Strikes - Insurance Journal

Insurance Journal

Too Often, Small Businesses Learn Insurance Lessons After Disaster Strikes
Insurance Journal
A fire at the gun shop next door never reached Kathy Laurienti's sausage and specialty food store, but the water and smoke damage was enough to shut her business down. Because Laurienti didn't have enough insurance, it's still closed EUR” more than a .
Many businesses don't have enough insuranceOmaha World-Herald

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Economical wins P&C Insurer of the Year at 2016 Insurance Business Awards - Yahoo Finance

Economical wins P&C Insurer of the Year at 2016 Insurance Business Awards
Yahoo Finance
WATERLOO, ON, Dec. 1, 2016 /CNW/ - Economical Insurance was honoured as P&C Insurer of the Year at the 2016 Insurance Business Awards held in Toronto on November 30. The award recognizes the insurer that provides top-tier property & casualty .

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Zenefits' Free Business Model Ruled Illegal In Washington State - Forbes

Forbes

Zenefits' Free Business Model Ruled Illegal In Washington State
Forbes
Washington's insurance commissioner Mike Kreidler ordered Zenefits to end its free software business model because it violates the state's law against EURœinducements,EUR rebates insurance brokers provide to clients to attract their business. Zenefits .
Zenefits' free software business model has been declared 'illegal' in the state of WashingtonBusiness Insider

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Fitch: Brazilian Insurance Sector Outlook Stable, but Rating Outlook Remains Negative - Business Wire (press release)

Wall Street Journal

Fitch: Brazilian Insurance Sector Outlook Stable, but Rating Outlook Remains Negative
Business Wire (press release)
RIO DE JANEIRO--(BUSINESS WIRE)--Fitch's rating outlook remains negative and sector outlook remains stable for the Brazilian insurance industry for 2017, according to a new Fitch Ratings report released today. The negative Rating Outlook for the .
Car and Home Insurance Firms Face Profit Challenge in 2017Wall Street Journal

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Genworth's CEO On The Future Of Long-Term Care Insurance, Public Coverage, And Going Private - Forbes

Forbes

Genworth's CEO On The Future Of Long-Term Care Insurance, Public Coverage, And Going Private
Forbes
They are looking to help us improve the rating of all our operating subsidiaries (NOTE: Besides long-term care (LTC) insurance, Genworth also operates an international mortgage insurance business). Our LTC sales are very low. The main reason is that .

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Insurance blind spots: 5 coverage gaps that could cost you - Herald & Review

Herald & Review

Insurance blind spots: 5 coverage gaps that could cost you
Herald & Review
Homeowners insurance doesn't cover flooding; you'll need a separate policy. You can find local agents through the National Flood Insurance Program . You can also ask your home insurer for help starting a policy through the federal program, or whether .

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Matching Up Business Insurance With The 21st Century - PYMNTS.com

PYMNTS.com

Matching Up Business Insurance With The 21st Century
PYMNTS.com
With nearly 30 million small businesses across the U.S. today, which all need insurance in one form or the other, there is a tremendous opportunity to digitize the commercial insurance space and help businesses address the pain points that can come .

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Fitch Changes P/C Insurance Industry Sector Outlook to Negative - Business Wire (press release)

Fitch Changes P/C Insurance Industry Sector Outlook to Negative
Business Wire (press release)
CHICAGO--(BUSINESS WIRE)--Fitch Ratings has changed the fundamental sector outlook for the U.S. property/casualty insurance sector to negative from stable, reflecting recent declines in profitability and anticipated further earnings deterioration in .

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EMPLOYERS Expands Workers' Compensation Insurance Services into Four States - Business Wire (press release)

EMPLOYERS Expands Workers' Compensation Insurance Services into Four States
Business Wire (press release)
RENO, Nev.--(BUSINESS WIRE)--EMPLOYERS (NYSE:EIG), America's small business insurance specialist, is now underwriting workers' compensation insurance policies in Connecticut, Massachusetts, Nebraska and New York. With this strategic move, .

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