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:

 

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Chinese hackers graduating to identity theft - Business Insurance

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Breckenridge Insurance Group Hires Industry Veteran Jino Masone as Chief Operating Officer to Lead Next Phase of .
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Home Depot cyber breach costs at $33 million and counting - Business Insurance

Home Depot cyber breach costs at $33 million and counting
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Home Depot had $105 million in cyber insurance at the time of the breach, according to market sources. Meanwhile, the judge in charge of litigation filed against Home Depot in connection with the breach has set dates for filings in the case. Chief U.S .

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Southwest Commercial Insurance Introduces Interactive Site
A new fully-featured website was launched by Southwest Commercial Insurance in order to make shopping for insurance simpler for consumers in Texas. This intuitive website includes beneficial resources that can be utilized from any personal computer or mobile device. (PRWeb February 25, 2015) Read the full story at http://www.prweb.com/releases/southwest-commercial-ins/business-insurance ...


AIG Introduces Product Recall Insurance to Cover Risks from Celebrity Endorsements
American International Group, Inc.s Commercial Insurance division today announced the introduction of Celebrity Product RecallResponse, a new insurance product designed to..


 

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