subject: Self Employed Liability Insurance - An Insurance Necessity For The Smart Business Owner [print this page] Nothing sounds better than working for yourself. However, it's important to make sure you're well protected from any disaster that my fall upon your new found freedom. Disasters aren't just weather related. Sometimes they come in the form of a an angry customer or someone who slips on that rug in your office. Therefore, it is important that you carry self employed liability insurance regardless of what kind of business you're starting. This form of protection is often thought to be needed by doctors or others who are prone to being sued, but any business owner could find himself in the middle of an unexpected lawsuit for a number of reasons.
As unimaginable as it may seem, any one can be sued for anything. Just because the suit may seem frivolous doesn't mean it can't be pursued. It's not hard to think of a few crazy lawsuits that have befallen companies of all sizes. The coffee's too hot and burned someone, or last night's freeze left a patch of ice on the front sidewalk that the first customer of the morning slipped on. For the small business owner, it wouldn't take more than one of these lawsuits to destroy everything that has been worked for. Therefore, self employed liability insurance is the safeguard to the American dream. Start up businesses certainly need to be frugal, but this is not an area where any business should cut corners. It's important to understand that personal liability insurance is not the same as self employed liability insurance. Without the proper insurance, the business owner is responsible for lawyers' fees and court costs, as well as the agreed settlement. The policy would also cover medical expenses should the dispute involve an accident. Therefore, look for a policy with legal costs, 24-hour protection, medical fee coverage and property damage coverage. The premium will be based on the kind of business you own.
It can't be stressed enough how important self employed liability insurance is to the small business owner. Even though your business may be something physically safe like accounting or counseling, a client can still twist an ankle on your doorstep. A tree limb from that old oak tree could come crashing down in the parking lot. Although we like to tell ourselves these incidents are unlikely, it is poor business practice to ignore even the most remote possibility that it will. So get with an insurance agent who understands the small business owner, and make sure you protect your business and your livelihood.
by: Sal Trump
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