Self-employed people often choose this type of employment because they like the flexibility it provides and they enjoy being their own boss. It's crucial to remember that even if you think of yourself as an individual contract worker, you are actually running your own business. Doing so can be rewarding and exciting, but it can also be risky. Part of the risk comes from the fact that any unhappy customer or client can turn into a lawsuit. This...more
If you want to make sure that you are protecting yourself, your family and your assets, you are going to have to invest in self employed liability insurance. It may be a shame, but there is no denying that there are a lot of people who will start rather frivolous lawsuits just to make a buck. Since you face a lot of risk, you will need to take the time to sign up for the best coverage for the type of operation you are running. For example,...more
Can I Change My Business Insurance or Professional Liability Insurance Limits as my Needs Change? Many small business owners purchase higher limits on their errors & omissions insurance because their client contracts require it. But what about when those contracts expire? Is it a good idea to save a little money by reducing your professional liability policy limits? Or, what if you already have coverage, but a new contract requires a higher policy limit? Can you increase coverage in the middle of the annual policy term?We answer these and other frequently asked errors & omissions questions below.Is coverage fixed for an annual period, or can I modify my policy limits during the year?Policy limits can often be adjusted during the year, though some insurance companies have restrictions regarding this. As a rule, they are willing to increase the limits due to contract requirements, but may request a copy of the contract. Their concern is that your request to increase your coverage amount may be related to an incident that has already occurred, and they do not want to increase the amount of coverage when there is already a potential or pending claim.If I want to increase and...more
Professional Liability Insurance Overview - Pt2 Professional Liability 101 - Part 2Common Questions & AnswersOverall:The following information is offered as general information, it is not intended nor does it replace a thorough understanding of your owncoverage or supersede the actual language of any insurance policy. Also keep in mind that...more
Public Liability Insurance for Tradies If you're considering Public liability insurance Australia, look for a company that excels in arranging public liability insurance for tradesmen. Of all insurances, Tradesman public liability insurance is arguably the most critical. The bottom line is that if an incident happens on the worksite and you...more
Risk Sharing through Insurance Liability The existence of risk creates the need, or at least the desire, for insurance. So what is insurance? Insurance is a legal and contractual arrangement for risk sharing, the spreading of risk among people who share a common potential for financial loss. The insurance contract is heavily regulated by state laws because of public policy considerations. Of special concern are the requirements of offer and acceptance and the requirement of an insurable interest in the insured before an insurance policy can be purchased. Risk cannot be totally avoided. Automobile accidents occur with alarming regularity, normally causing substantial property damage to at least one automobile and frequently to more. Fires burn down homes or businesses, presenting the owner with the potential for economic ruin. People die, leaving behind unpaid bills, and very often a family with one less wage earner. Or the death leaves a gaping hole in the management of the business that employed – and relied on – the deceased. In such case occurs the business liability insurance. When a loss occurs as a result of risk, the victim must somehow finance the loss. There...more
Contractors Liability Insurance California is useful because you can plan of a work without insurance but you cannot perform your action without a Contractors Liability Insurance California. The cost of the insurance varies because there are...more
Contracting business has its intimate relation with workers. If you are going to start this business then it is essential for you to hire workers. Like every business this business also comprises some risks along with profit. In a manufacture...more
Being a business owner means that you are legally responsible - liable - for anything and everything connected with your business. Besides the normal liability you take on with your products or services, you are even liable for damages if someone...more
Error omission insurance, more commonly referred to as errors and omissions or professional liability insurance, is a specialized business liability insurance policy designed to protect professionals in all industries. Business professionals who are...more
S Corporation Versus Limited Liability Company Copyright (c) 2010 Michael JagodaThe LLC is a hybrid entity that combines the personal liability protection of a corporation with the operational ease of a sole proprietorship or partnership. It...more
If you're self employed, the law regarding most industries is that you take out liability insurance on yourself, whether you employ others or not. Self employed liability insurance works differently from other forms of insurance, protecting you...more