subject: Self Employed Liability Insurance Requirements [print this page] Being a business owner means that you are legally responsible - liable - for anything and everything connected with your business. Besides the normal liability you take on with your products or services, you are even liable for damages if someone slips and falls on your property. Knowing the way most liability law suits have been settled recently -- right or wrong, justified or not -- your cost in cold hard cash could be staggering. But with self-employed liability insurance you have an easy, manageable way to protect yourself, your family, and everything you've worked for.
You see, anyone can sue you for anything. And a claimant doesn't even have to win his case against you to financially destroy you and your business. He only has to file a lawsuit. That's all. This will cause you to spend money on courts and attorneys to defend yourself because you have no choice. And these legal bills can run into the tens of thousands of dollars or more very quickly. Ask yourself how you would pay tens of thousands of dollars or more to defend yourself against a lawsuit. It doesn't take long to come up with the logical answer: self employed liability insurance, which costs only a tiny fraction of the cost of the alternative nightmare.
In a famous case in Dallas, recently, a dry - cleaner accidentally ruined a man's pants while cleaning them. Unfortunately, the owner didn't have self employed liability insurance. He thought it was just another expense he didn't need. But a lawsuit filed by the customer for a pair of pants that could be replaced for less than $200, eventually caused the small dry cleaner to sell several of his stores to pay the legal bills to defend himself against this and it hasn't even reached the court yet. Vindictive? Yes. Unreasonable? Yes. But very real, and the legal battle drags on.
Think about it. Even lawyers who know all the ins and outs of the law have personal, self employed liability insurance for what is called "errors and omissions." Legal action can be brought against them because they simply missed crossing a "t" or doting an "I". Just a simple omission, but it may have caused their client to lose substantial money, or worse, caused an innocent person to be wrongly jailed. If lawyers feel the need to have this, then it is certainly worth your consideration.
by: Sal Trump
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