View Full Version : Got Liability Insurance?
Does anyone have professional liability insurance for their small business/sole proprietorship? Any tips, links, needed limits, etc?
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.
: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.
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.
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.
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