Is it necessary to have General Liability and Professional Liability?
In my humble opinion, at LEAST professional liability.
For many of the jobs I take on, both are required, along with commercial auto insurance and workers comp.
OK. I agree with the Professional. Most of the jobs I want to do require WC and Commercial Auto, but I was going to hold off on GL, WC, and CA until I get a job that requires it. (Just started a new venture)
Thanks!
What have you got to lose if you don't have it?
Your house...
Your car/truck...
Your income for years...
Yes
Yes! And buy enough so your insurance company won't want to lose. That way they'll hire the best attorney money can buy!
I agree with the other answers.
Personally I wouldn't consider going into business without it.
Just defending a lawsuit, even if you have done nothing wrong, can cost tens of thousands of dollars.
...and as others have posted, to be able to do some projects having both insurances is required.
You would be surprised at the number of clients who assume that all surveyors are insured and are shocked to find out that some are not. Lawyers for example in some states are required to have insurance in order to be able to practice law. Some of them make the erroneous assumption that other professions have the same rule.
I agree with all of you. Thank you!
For you solo operators out there, do you have workers' compensation insurance? If so, what are benefits to having it? Is it like just having extra health, life and disability insurance?
Thanks,
The Bow Tie Surveyor
> OK. I agree with the Professional. Most of the jobs I want to do require WC and Commercial Auto, but I was going to hold off on GL, WC, and CA until I get a job that requires it. (Just started a new venture)
> Thanks!
Not suggesting you aren't aware of the possible results, but here are a few quick thoughts on it:
GL - working from an office or a room in your home, there is no telling when someone will just 'drop by' to talk with you about a survey. A simple slip on the front step could end in a lawsuit. I was recently asked about locating the KY/TN state line for a possible suit at a private residence wherein the state it happened in mattered. You sure do not want the possibility of a lawsuit popping up on a business that will be assumed to have deep pockets without insurance.
WC - If I am wrong on this, I know someone will correct me. If you are employing anyone, it is illegal (and unwise for people using hammers and machetes) to not carry WC on employees.
CA - if you are involved in a wreck and your current insurer finds out that you were using your vehicle commercially instead of on the individual policy you currently have, they will not pay out (sister worked for an insurance company once and knew of specific examples of this).
GL - 2 very small jobs a year should cover this.
WC - is based on employed hours, so should only be high if you are billing out a lot
CA - changed my rates by less than $100/yr on two vehicles
No reason to not have these in addition to your professional liability insurance.
If you are leasing office space, look into making sure that you have sufficient coverage by discussing it with your agent. If working from your home, make sure you have sufficient coverage by discussing it with your agent. Make sure that your equipment and records will be covered (both in your office and in your vehicle).
Depends on your state laws. Some states won't give you any option but to pay for it. Some states may allow you to not do it if you have only a couple of employees.
But I'd probably carry it if I occasionally used some part time help. Also, check with your health insurance carrier to see if they cover accidents on the job.