get liability insurance
Full Of Holes: Proposed Crop Insurance Cuts Could Damage Farmers’ Safety Net
In President Obama’s battle over health care reform, much political capital was invested, and a lot of taxpayer money will be spent making sure people can have good health insurance coverage.
Small Business Insurance
I have a small cleaning service, how much per year should I expect to pay for minimal liability insurance?
Also, how much approximately to be bonded? I just want to get a roundabout idea?
Also, is it necessary in all cases to carry business liability insurance for small businesses.
I know you are trying to minimize expenses to your small firm, but you need to seriously ask yourself if carrying the minimum necessary is the right thing to do.
The real question you have to ask yourself is what do you have of value in your personal possessions right now….that you don’t mind losing when the lawyers come to pick apart your small business.
If you value all that you own…then you should consider how much coverage you want to buy.
You have to remember that insurance coverage is not about how little in premiums you want to pay….or how minimal of a payout to claimants you want it to pay……no…..insurance is to protect what YOU OWN and you need coverage in order to prevent the loss of those things you cherish (like your home and your car) to what can sometimes amount to needless, unnecessary and frivolous lawsuits.
Don’t pick a small number and go with it because of the cheap premiums.
Because, even if you have insurance…..that policy will come with a liability payout limit…..let’s say…$50,000.
If you get sued (and that’s going to be a strong likelihood) and you lose and the jury awards $100,000…..your policy won’t pay out the entire $100,000. It will only pay out $50k…but that doesn’t satisfy the claim…..so they’ll ask YOU to pay the rest of it….which means, depending on how the business is set up….you could lose your personal assets in such an event.
Bottom line….this is not a time to be cheap…buy plenty of coverage to protect yourself.