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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Premium renewal rate changes for most standard commercial lines remained in positive territory in January, according to a report released Wednesday by insurance exchange Ivans Insurance Solutions. Workers compensation was the only line tracked that saw .

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Evanston Insurance Co. is obligated to defend an attorney accused of participating in an insurance kickback scheme, says a federal district court in a ruling Wednesday. Karim Arzadi, a New Jersey-licensed attorney with an office in Perth Amboy, New .

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European storm losses top $2 billion: Aon Benfield - Business Insurance

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Additional payouts exceeding ‚¬100 million were reported by other regional insurance groups. Windstorms Eleanor and Carmen also impacted western and central Europe, killing at least seven people and causing damage in the United Kingdom, Ireland, France .

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Willis Towers Watson fourth-quarter revenue grows - Business Insurance

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Willis Towers Watson fourth-quarter revenue grows
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EURœMike has certainly hit the ground running,EUR Mr. Haley said, EURœand I couldn't be more pleased with the transition.EUR Mr. Haley also took time to praise Alice Underwood, global leader, insurance consulting and technology, and Mary O'Connor, head of client .

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Axis swings to loss as catastrophes weigh - Business Insurance

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In January, Axis renewed over $600 million of insurance premium at an average rate increase of 4.1%, Mr. Benchimol said. Increases were strongest in the company's U.S division, which saw average increases of 6.9% overall, EURœwith solid double-digit .

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Court reinstates negligence charge against hotel in beating - Business Insurance

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Court reinstates negligence charge against hotel in beating
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A federal appeals court has overturned a lower court ruling and reinstated a negligence charge filed by a man who was beaten and his arm broken by a gang in a hotel lobby. Henry Mu lived in a condominium complex adjoining the Omni Providence Hotel in .

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Bermuda captive licenses decline in 2017 - Business Insurance

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Bermuda captive licenses decline in 2017
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Bermuda had a total of 739 active captive insurer licenses at the end of 2017, a decline of 37 from the previous year. Seventeen new captives were registered in 2017 compared with 13 in 2016 in the domicile, according to data released Wednesday by the .

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Phony insurance agent sentenced to prison | Business Insurance - Business Insurance

Phony insurance agent sentenced to prison | Business Insurance
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A phony insurance agent has been sentenced to three to five years in prison and seven years of probation for selling fake insurance policies to 87 commercial environmental businesses nationally, the Arizona attorney general said in a statement Tuesday.

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