Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance? What should I look out for and is there any good brokers that offer inexpensive yet reliable insurance? thanks as always, Mike
Than you for the responses, I want to clarify that I am talking about professional laibility and not general liability insurance. Professional liability being insurance that covers "errors or omissions while executing professional work" that may adversely impact a business your are contracting with. thanx, Mike On Tue, Sep 20, 2011 at 7:59 AM, harbor235 <harbor235@gmail.com> wrote:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance? What should I look out for and is there any good brokers that offer inexpensive yet reliable insurance?
thanks as always,
Mike
On Tue, 20 Sep 2011 07:59:00 EDT, harbor235 said:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance?
I don't consult myself, but is *anybody* crazy enough to do consulting in the litigation-crazy US without carrying errors-and-omissions insurance?
On 9/20/11 9:11 AM, "Valdis.Kletnieks@vt.edu" <Valdis.Kletnieks@vt.edu> wrote:
On Tue, 20 Sep 2011 07:59:00 EDT, harbor235 said:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance?
Many clients won't do business with you unless you provide the certificate indicating you have the appropriate level of coverage. In the networking business, this can often be 1 or 2 million dollars.
I don't consult myself, but is *anybody* crazy enough to do consulting in the litigation-crazy US without carrying errors-and-omissions insurance?
I'm sure there are some people who do, but I'd say they were stupid over crazy.
-----Original Message----- From: Brant I. Stevens [mailto:branto@networking-architecture.com] Sent: Tuesday, September 20, 2011 10:33 AM To: Valdis.Kletnieks@vt.edu; harbor235 Cc: NANOG list Subject: Re: insurance On 9/20/11 9:11 AM, "Valdis.Kletnieks@vt.edu" <Valdis.Kletnieks@vt.edu> wrote:
On Tue, 20 Sep 2011 07:59:00 EDT, harbor235 said:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance?
Many clients won't do business with you unless you provide the certificate indicating you have the appropriate level of coverage. In the networking business, this can often be 1 or 2 million dollars.
I don't consult myself, but is *anybody* crazy enough to do consulting in the litigation-crazy US without carrying errors-and-omissions insurance?
I'm sure there are some people who do, but I'd say they were stupid over crazy.
[Ryan Finnesey] At one of the User Groups I run the pizza place needs 6 million dollars in insurance just to make a delivery to the building. Cheers Ryan
----- Original Message -----
On Tue, 20 Sep 2011 07:59:00 EDT, harbor235 said:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance?
I don't consult myself, but is *anybody* crazy enough to do consulting in the litigation-crazy US without carrying errors-and-omissions insurance?
The reality is that with the mega-insurance companies able to set whatever crazy premiums they feel like, and raise them every other month, the cost of being fully insured is sometimes more than what you can charge as a consultant. -Randy
Randy, On 09/20/2011 08:10 AM, Randy Carpenter wrote:
----- Original Message -----
On Tue, 20 Sep 2011 07:59:00 EDT, harbor235 said:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance?
I don't consult myself, but is *anybody* crazy enough to do consulting in the litigation-crazy US without carrying errors-and-omissions insurance?
The reality is that with the mega-insurance companies able to set whatever crazy premiums they feel like, and raise them every other month, the cost of being fully insured is sometimes more than what you can charge as a consultant.
This is just not true. Insurance companies are regulated by State Insurance boards. If an insurance company wants to raise rates, they have to submit a proposal to the their state insurance board. They can only raise rates for a "class" of customers. For example, all customers aged 50 - 62. -- Jack Morgan Pub 4096R/761D8E0A 2010-09-13 Jack Morgan <jack@bonayri.com> Fingerprint = DD42 EA48 D701 D520 C2CD 55BE BF53 C69B 761D 8E0A
On Sep 20, 2011, at 8:15 AM, Jack Morgan wrote:
Randy,
On 09/20/2011 08:10 AM, Randy Carpenter wrote:
----- Original Message -----
On Tue, 20 Sep 2011 07:59:00 EDT, harbor235 said:
Curious if anyone out there is acting as an independent contractor, consultant, or small business, if so do you use professional liability insurance?
I don't consult myself, but is *anybody* crazy enough to do consulting in the litigation-crazy US without carrying errors-and-omissions insurance?
The reality is that with the mega-insurance companies able to set whatever crazy premiums they feel like, and raise them every other month, the cost of being fully insured is sometimes more than what you can charge as a consultant.
This is just not true. Insurance companies are regulated by State Insurance boards. If an insurance company wants to raise rates, they have to submit a proposal to the their state insurance board. They can only raise rates for a "class" of customers. For example, all customers aged 50 - 62.
This is generally NOT true for E&O and Professional liability insurance. For the most part, that goes largely unregulated. The state insurance boards tend to focus on consumer-oriented forms of insurance (auto, home, life). Owen
The reality is that with the mega-insurance companies able to set whatever crazy premiums they feel like, and raise them every other month, the cost of being fully insured is sometimes more than what you can charge as a consultant.
This is just not true. Insurance companies are regulated by State Insurance boards. If an insurance company wants to raise rates, they have to submit a proposal to the their state insurance board. They can only raise rates for a "class" of customers. For example, all customers aged 50 - 62.
This is generally NOT true for E&O and Professional liability insurance.
For the most part, that goes largely unregulated. The state insurance boards tend to focus on consumer-oriented forms of insurance (auto, home, life).
Owen
Yep. I don't remember the specifics, but our quote was ridiculous (like $thousands per month). Our health insurance premiums also goes up 30+% nearly every year. So much for regulation there... -Randy
On Tue, Sep 20, 2011 at 03:21:51PM -0400, Randy Carpenter wrote:
The reality is that with the mega-insurance companies able to set whatever crazy premiums they feel like, and raise them every other month, the cost of being fully insured is sometimes more than what you can charge as a consultant.
This is just not true. Insurance companies are regulated by State Insurance boards. If an insurance company wants to raise rates, they have to submit a proposal to the their state insurance board. They can only raise rates for a "class" of customers. For example, all customers aged 50 - 62.
This is generally NOT true for E&O and Professional liability insurance.
For the most part, that goes largely unregulated. The state insurance boards tend to focus on consumer-oriented forms of insurance (auto, home, life).
Owen
Yep. I don't remember the specifics, but our quote was ridiculous (like $thousands per month). Our health insurance premiums also goes up 30+% nearly every year. So much for regulation there...
-Randy
Back n the day - I used Hartford for insurance. It was very reasonable. Premiums went up once in the 15yrs we were active. /bill
On 9/20/2011 11:10, Randy Carpenter wrote:
The reality is that with the mega-insurance companies able to set whatever crazy premiums they feel like, and raise them every other month, the cost of being fully insured is sometimes more than what you can charge as a consultant.
This is sad, but true. Insurance was fully 1/4 of any income we made back when I owned an ISP around 2001-2004. -- Bryan Fields 727-409-1194 - Voice 727-214-2508 - Fax http://bryanfields.net
participants (9)
-
bmanning＠vacation.karoshi.com -
Brant I. Stevens -
Bryan Fields -
harbor235 -
Jack Morgan -
Owen DeLong -
Randy Carpenter -
Ryan Finnesey -
Valdis.Kletnieks＠vt.edu