Got Liability Insurance? [Archive] - Glock Talk


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06-16-2005, 17:57

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


06-18-2005, 06:39
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.

06-20-2005, 12:16

: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.


Bruce H
06-21-2005, 20:13
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.

06-22-2005, 05:56
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.