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:

 

Illinois high court to hear Chicago pension appeal - Business Insurance

Illinois high court to hear Chicago pension appeal
Business Insurance
The Illinois Supreme Court said Thursday it will hear the city of Chicago's appeal of last month's pension ruling on an accelerated timeline. On July 24, Cook County Circuit Court Judge Rita A. Novak ruled unconstitutional a pension reform law that .

..


What Boeing's health insurance deal with Mercy means for employees - STLtoday.com

STLtoday.com

What Boeing's health insurance deal with Mercy means for employees
STLtoday.com
ST. LOUIS EURą Beginning on Jan. 1, most Boeing employees here will be able to choose a new health insurance provider: Mercy Health. St. Louis will become the second region, along with Charleston, S.C., in which Boeing has contracted directly with a .

..


Property policy ruling favoring AIG unit upheld - Business Insurance

Property policy ruling favoring AIG unit upheld
Business Insurance
Grand Rapids, Michigan-based Armada Group Inc. had purchased an insurance policy from AIG unit Illinois National Insurance Co. on behalf of its subsidiaries, including Grand Rapids-based Steel Supply & Engineering Co., according to Thursday's ruling by .

..


Hospice worker's age bias case reinstated - Business Insurance

Hospice worker's age bias case reinstated
Business Insurance
An appeals court has reinstated an age discrimination case filed by a terminated hospice employee who had been allegedly subjected to comments including EURœolder people don't work as fast.EUR Cynthia Thomas worked as an account liaison for Toledo, .

and more »
..


Uninsured rate dips below 10% - Business Insurance

Business Insider

Uninsured rate dips below 10%
Business Insurance
The national uninsured rate decreased to 9.2% in the first three months of 2015 from 11.5% in 2014 as 7 million people gained insurance, according to the survey, conducted by the CDC's National Center for Health Statistics. The reduction is not as big .
This map shows the stark difference between states that have embraced .Business Insider

all 342 news articles »
..


Insurers ordered to pay interest in California waste site dispute - Business Insurance

Insurers ordered to pay interest in California waste site dispute
Business Insurance
Also, insurers are http://www.businessinsurance.com/article/20120819/NEWS06/308199988 obligated to pay under the EURœall sumsEUR language in the policy up to their policy limits as long as the continuous property damage occurred while each policy was on the .

..


Alliant names US middle market leader - Business Insurance

Alliant names US middle market leader
Business Insurance
Specialty insurance broker Alliant Insurance Services Inc., Newport Beach, California, has named Robert Bennetsen to head its Alliant Americas middle market division, the company said in a statement Thursday. As executive vice president and senior .

and more »
..


Arab Bank settles US litigation over Hamas attacks - Business Insurance

Arab Bank settles US litigation over Hamas attacks
Business Insurance
(Reuters) EUR” Arab Bank P.L.C. has agreed to settle litigation brought by hundreds of Americans who accused it of facilitating Hamas attacks in Israel, nearly a year after a U.S. jury found the bank liable. The settlement was confirmed on Friday by .

and more »
..


Wells Fargo explores sale of crop insurance business - Business Insurance

Charlotte Business Journal (blog)

Wells Fargo explores sale of crop insurance business
Business Insurance
(Reuters) EUR” Wells Fargo & Co. may divest its crop insurance business, one of the biggest in the United States, a spokeswoman told Reuters on Tuesday, as regulatory restrictions on U.S. banks force some to reconsider underwriting insurance policies.
Wells Fargo considers selling crop insurance businessCharlotte Business Journal (blog)

all 27 news articles »
..


 

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: , ,