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Got Liability Insurance?

Discussion in 'Business Forum' started by Anon1, Jun 16, 2005.

  1. Anon1

    Anon1

    1,222
    269
    Aug 17, 2000
    Hello,

    Does anyone have professional liability insurance for their small business/sole proprietorship? Any tips, links, needed limits, etc?

    Thanks.
     
  2. Str8shootr

    Str8shootr

    268
    0
    Dec 13, 2004
    Indianapolis
    We own commercial real estate. Besides building insurance on each property, we carry a 3 million dollar umbrella, that covers all the partners. I think it costs around $1,000/year, not in the office so I think I am close on that figure.
     

  3. kestrou

    kestrou Pin Member #4

    1,593
    0
    Jul 3, 2000
    In The Pocket
    Anon1,

    :soap: Don't get me started on insurance! ;6

    I have professional liability insurance on one of my businesses and actually needed it. Well, at least I could have used it.

    We were sued by a client for "services rendered" and my carrier immediately wanted to settle. I said "No, this is a BS lawsuit and I'm not going to just settle - let's fight it!"

    Well, since the carrier wanted to settle instead of fight, they paid for none of the defense! :(

    Net result is: I paid about $10K out of pocket and won.

    So, my experience is: Professional Liability Insurance is something you have to have, but don't count on actually getting any value for your money.

    kestrou
     
  4. Bruce H

    Bruce H

    3,894
    458
    Dec 5, 2000
    missouri
    I cary a million policy on the farm. Since I'm cash grain the premium is small compaired to a livestock operation. Just protection for the idiot that is tresspassing and hurts themselves.
     
  5. Anon1

    Anon1

    1,222
    269
    Aug 17, 2000
    Thanks for the replies.

    The insurance is a necessary evil that I need to have in order to get some specific freelance jobs. With more and more "independents" working these days I thought I might get more info than I'm able to find.