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:

 

The business of brewing: Indiana's brewery insurance - NUVO Newsweekly

NUVO Newsweekly

The business of brewing: Indiana's brewery insurance
NUVO Newsweekly
Second, we have surrounded ourselves with multiple insurance companies that specialize in this industry. Other insurance agencies may only have one maybe two insurance companies that will want to write this business. Inside that lies multiple problems.

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Shares of Deutsche Bank stabilize as life insurance subsidiary sold - STLtoday.com

Financial Express

Shares of Deutsche Bank stabilize as life insurance subsidiary sold
STLtoday.com
BERLIN EURą Deutsche Bank shares have stabilized after the lender announced it had concluded the sale of a life insurance subsidiary, which appeared to ease some investor concerns over its finances. Deutsche Bank said Wednesday that it would sell its Abby .
Germany denies talk of a rescue plan for Deutsche BankTelegraph.co.uk

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Insurify Becomes the Largest Marketplace in the Car Insurance Industry - Business Wire (press release)

Insurify Becomes the Largest Marketplace in the Car Insurance Industry
Business Wire (press release)
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Insurify, the first virtual insurance agent for car insurance, today announced it has become the largest U.S. car insurance marketplace. Insurify has expanded its fully integrated active agent base over 11X from 70 to .

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BTIS announces partnership with Hiscox for new bind-online Small Business Program - Insurance Journal

BTIS announces partnership with Hiscox for new bind-online Small Business Program
Insurance Journal
Rocklin, CA, September 28, 2016- Builders & Tradesmen's Insurance Services, Inc. (BTIS) is pleased to announce the launch of a new partnership with Hiscox providing access to small business solutions in 49 states. EURœWe're extremely excited about this .

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Why Your Business Needs Contract Insurance - Small Business Trends

Small Business Trends

Why Your Business Needs Contract Insurance
Small Business Trends
You come to the client meeting with pen in hand, ready to sign a new contract. However, in reading the fine print, you see that it requires you to carry particular types of insurance. You ask yourself why that's the case and what steps you will need to .

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Deutsche Bank, Facing Challenges, Says It Will Sell Abbey Life - New York Times

Insurance Journal

Deutsche Bank, Facing Challenges, Says It Will Sell Abbey Life
New York Times
LONDON EUR” Deutsche Bank said on Wednesday that it had agreed to sell its Abbey Life insurance business, part of efforts to simplify the bank's structure and improve returns, amid concerns that it may be forced to raise additional capital to resolve a .
Phoenix Buying Abbey Life From Deutsche Bank for $1.2 BillionBloomberg
Deutsche Bank Sells Insurance Unit to Britain's Phoenix GroupInsurance Journal
Phoenix to buy Deutsche Bank's Abbey LifeRTE.ie
MarketWatch
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Quants Do the Math on a New Target: Insurance - Wall Street Journal

Wall Street Journal

Quants Do the Math on a New Target: Insurance
Wall Street Journal
The insurance deal is its first major effort outside of the markets, but he said over time it plans to target other opportunities where it can leverage those skills. Small and medium-size business insurance is a EURœgigantic marketEUR and a EURœdata science .

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