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View Poll Results: Self-Employed or Business Owner - What kind of Liability insurance do you have?
Both General and Professional (Errors & Omissions) Liability Insurance 2 66.67%
General Liability Only 0 0%
Professional Libility Only 0 0%
No Insurance At All 0 0%
Work At Home - No General Insurance or No Professional Insurance 1 33.33%
Self Insured (i.e. Millionare can be self insured) 0 0%
Multiple Choice Poll. Voters: 3. You may not vote on this poll

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Old 12-18-2012, 02:29 PM   #1
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Exclamation Self Employed - How much pay for Liability / Errors and Omissions Insurance

Did some quick research on Liability Insurance for Small Business or for Self-Employed Contractor. This poll / discussion is asking what do you pay? For 2013, my requirements changed.
There is
General Liability Insurance
Professional Liability Insurance (a.k.a. Errors and Omissions)
The Professional Liability Insurance can cover things such as Amendatory Endorsement - Claims Made By Any Regulatory Authority or Governmental Agency

Spent some time going over these. Found my general liability was cheap, but most things didn't cover real-world events. Not going to give any advice here except to shop around and ask hard questions.

For 2013 with $1,000,000.00 USD for each General and Professional:
General: Year: $276
Professional Year: $1,350
In general these were up about 45% from a poll with technology types back in 2003.

Please be incouraged to respond and discuss this.
Thanks.

If you are a consultant, self-employed, or independent, you have an increased chance of being required to get Professional Insurance.
Here is an intereting study / survey that includes Database Programmers:
http://betterley.com/samples/teoms12_nt.pdf
Coverage for the liability arising out of the de-sign and manufacturing of technology-related products, the creation and implementation of soft-ware, and the provision of related services, is a growing business, with specialty coverages de-signed to cover the Errors and Omissions liability that may not be covered under traditional liability policies. Tech E&O coverages can be purchased for technology consultants, systems integrators, application service providers, Internet service pro-viders, Internet retailers, cloud services providers, network electronics manufacturers, medical tech-nology manufacturers, and telecom companies.

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Last edited by Rx_; 12-18-2012 at 03:24 PM. Reason: mistyped actual rates - now corrected
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Old 05-30-2013, 01:10 PM   #2
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Re: Self Employed - How much pay for Liability / Errors and Omissions Insurance

Hi,

i'm a Business Analyst and Web Marketing Consultant and I Work at home. I've been thinking about an insurance but I don't have great risk.. or at least I think.... Great Poll
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Old 05-30-2013, 02:16 PM   #3
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Re: Self Employed - How much pay for Liability / Errors and Omissions Insurance

"Analysist" - just the title, good for a $100,000 LOL
The word "Consultant" alone is good for over $500,000.
I removed the word Consultant to save a bundle. The customer gives me task, I complete the task. A lawyer consults. A doctor consults. The task you describe for your services determine the risk.
Hope you incorporated (or single owner llc?) and all the checks go to that account and not to you personally.
If you ever show up at a work site, sit in their chair and somehow that causes an injury, enter Big Brother and your customer's insurance company.
Lets say somone gets fired or looses money for following your Consulting advice, they claim you gave out wrong advice.
Granted, an incident might only be one in ten thousand.
The way I see it, it is not about the insurance actually paying, it is about the insurance haveing your lawyer on retainer to stop anything from developing.

Use your church or other social circles to find a competent insurance agent. Granted, that is not the easy part. LOL They are not all the same. Schedule 30 minutes. Write up a one-pager double spaced 14 font discription of what you do. Ask them to explain why you need insurance.

In the mean time, lets hope you don't learn of why you might need it some other way. LOL

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