Do I want Personal Liability Insurance ?
I have a home office and will be acting as an Independent Sales Agent for an IT Consulting Company. Currently I hold a Homeowners Policy in the amount of $545,000, and ample full coverage on both of my vehicles. One of the requests made by the company I am going to be acting as an Independent Agent for, is to convey a Personal Liability Policy (minimum amount of $100,000). There will be no customers or clients entering my home. All of my work is performed via a phone line (both landscape line and cell), and a PC/Laptop for eMail and internet access. Do I need to fetch a PL policy, or is my Homeowners Policy sufficient enough?
Please reply to: resumes(a)roichicago.com
Answers:
First rotten no Personal Liability policy is going to cover your business actions and while some Homeowner's policy may cover incidental office use (as long as it's disclosed) NO Homeowner's policy is going to cover a consulting business, never mind an IT consulting business. While I don't know your client per se I'm pretty sure they want you to carry a Professional Liability policy to cover economic damages cause by bad advice you bequeath them. A Commercial General Liability policy would cover bodily injury and property damage caused by your business schedule (good idea to get both policies), however I'm sure they are more concerned roughly one of their consultants giving them bad advice later they are you going over there and setting the building on fire.
You can probly gain a business in the home policy. It includes any business property and liability and some other stuff. But a consulting business you may need a broker to find a company that will write that type of business.
Call some local agents for some quotes. And, start beside the agent that carries your homeowners insurance. If they can not do it, they may give you some referral to someone they know that can.
Your homeowners policy will not provide you any coverage on this business exposure. What you do need is a Professional Liability Policy (also specified as Malpractice Policy or Errors & Omissions Insurance). This type of policy will provide coverage in case someone sues you for advise them to purchase the wrong type of service or product and they subsequently suffer loss as a result of that advice. The policy will usually provide for payment of defense costs and will wage the judgement if you are found to be liable.
I would also recommend (and the Underwriter who writes the Professional Liability Policy might require) that you obtain a Commercial General Liability for third party damages that you might cause--i.e. you produce some one to slip and fall while out on a sales ring.
The other consideration is if you use your personal vehicle to make sales calls--you should notify your personal auto carter, they might just add the more mileage and classification for sales calls and present you the coverage or the might tell you that they can no longer write the account and you will later need to purchase a commercial automobile policy. What you do not want is to end up beside an accident that the insurance company later denies because they won't cover the business exposure.
In jargon of finding a company that you will look over your situation and see what you need to be in compliance and make available you the necessary quotes, I would find a local independent insurance agent that specializes in Commercial Insurance -- you might want to check agents that represent Travelers Insurance or CNA since they both hold some great Technology policies that will combine both the Professional Liability and the Commercial General Liability in one policy. The other option is a company call upon Apogee--they are wholesale underwriters that also offer a combined package chance and should be able to refer you to an agent that represents them locally.
I hope this helps. Good Luck! Source(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
I think that you should dance for PL policy because in any situation it helps you to obtain out of hassles for yourself and your family. But, still i would resembling you to see some insurance adjusters or claim adjuster those who can help you out properly with your Policy problems....... Source(s): http://www.allstatespublicadjusters.com
Obviously you're in the US so thinks may be at variance over there. In th UK a home insurance policy would not cover you for any business related incidents, and you would own to advise your home insurer that you are working from home. Basic liability insurance is not expensive in the UK and I would strongly recommend that every business carry it. Litigation used to happen under extreme circumstances - in the present day it's almost a hobby for some people!
Related Questions:
Please reply to: resumes(a)roichicago.com
Answers:
First rotten no Personal Liability policy is going to cover your business actions and while some Homeowner's policy may cover incidental office use (as long as it's disclosed) NO Homeowner's policy is going to cover a consulting business, never mind an IT consulting business. While I don't know your client per se I'm pretty sure they want you to carry a Professional Liability policy to cover economic damages cause by bad advice you bequeath them. A Commercial General Liability policy would cover bodily injury and property damage caused by your business schedule (good idea to get both policies), however I'm sure they are more concerned roughly one of their consultants giving them bad advice later they are you going over there and setting the building on fire.
You can probly gain a business in the home policy. It includes any business property and liability and some other stuff. But a consulting business you may need a broker to find a company that will write that type of business.
Call some local agents for some quotes. And, start beside the agent that carries your homeowners insurance. If they can not do it, they may give you some referral to someone they know that can.
Your homeowners policy will not provide you any coverage on this business exposure. What you do need is a Professional Liability Policy (also specified as Malpractice Policy or Errors & Omissions Insurance). This type of policy will provide coverage in case someone sues you for advise them to purchase the wrong type of service or product and they subsequently suffer loss as a result of that advice. The policy will usually provide for payment of defense costs and will wage the judgement if you are found to be liable.
I would also recommend (and the Underwriter who writes the Professional Liability Policy might require) that you obtain a Commercial General Liability for third party damages that you might cause--i.e. you produce some one to slip and fall while out on a sales ring.
The other consideration is if you use your personal vehicle to make sales calls--you should notify your personal auto carter, they might just add the more mileage and classification for sales calls and present you the coverage or the might tell you that they can no longer write the account and you will later need to purchase a commercial automobile policy. What you do not want is to end up beside an accident that the insurance company later denies because they won't cover the business exposure.
In jargon of finding a company that you will look over your situation and see what you need to be in compliance and make available you the necessary quotes, I would find a local independent insurance agent that specializes in Commercial Insurance -- you might want to check agents that represent Travelers Insurance or CNA since they both hold some great Technology policies that will combine both the Professional Liability and the Commercial General Liability in one policy. The other option is a company call upon Apogee--they are wholesale underwriters that also offer a combined package chance and should be able to refer you to an agent that represents them locally.
I hope this helps. Good Luck! Source(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
I think that you should dance for PL policy because in any situation it helps you to obtain out of hassles for yourself and your family. But, still i would resembling you to see some insurance adjusters or claim adjuster those who can help you out properly with your Policy problems....... Source(s): http://www.allstatespublicadjusters.com
Obviously you're in the US so thinks may be at variance over there. In th UK a home insurance policy would not cover you for any business related incidents, and you would own to advise your home insurer that you are working from home. Basic liability insurance is not expensive in the UK and I would strongly recommend that every business carry it. Litigation used to happen under extreme circumstances - in the present day it's almost a hobby for some people!
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