close

Privacy guaranteed - Your email is not shared with anyone.

Got Liability Insurance?

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

  1. Anon1

    Anon1

    Joined:
    Aug 17, 2000
    Messages:
    1,222
    Likes Received:
    274
    Hello,

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

    Thanks.
     
  2. Str8shootr

    Str8shootr

    Joined:
    Dec 13, 2004
    Messages:
    268
    Likes Received:
    0
    Location:
    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

    Joined:
    Jul 3, 2000
    Messages:
    1,593
    Likes Received:
    0
    Location:
    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

    Joined:
    Dec 5, 2000
    Messages:
    3,999
    Likes Received:
    651
    Location:
    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

    Joined:
    Aug 17, 2000
    Messages:
    1,222
    Likes Received:
    274
    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.