I have some clients that are recently wanting liability insurance and for that reason, I am getting it. Some clients want that in place if they are working with you.
Spoke to several insurance companies about E & O, they recommended that I just get a hold harmless agreement. The couple of spoke to said they don't offer this to Real Estate VA's.
That is a very interesting question. I'm a notary so I do have to keep an E&O insurance policy but I haven't heard of one for VA's in particular. I usually keep the wording in my client agreements/contracts so as to protect myself as well.
If there is one for California, I would love to know more about it too!
I have a friend who wants her sub-contractors to carry professional liability insurance. She said her insurance won't cover those working for her. I'm in the process of finding out what this all means. It was something I wasn't going to worry about once my business is up and running, but after reading several posts regarding it, I've put it on my list of things to do.
Hello every one!
I spoke with a lawyer and my broker about this. I would venture to say that most of us are running our businesses from our homes.
As such, we would have homeowners' insurance. When you run a business from your home, you should ask your broker to quote you on a business "rider". That will protect you should anything happen like: your home got broken into and they stole your computer equipment, or a fire where the room where your office is got damaged. Without this insurance rider your insurance company can refuse to compensate you for any of these losses. They might even deny your claim entirely saying you did not inform them that you were using your home for a business purpose. (We all know how much insurance companies love to pay out, don't we?)
My broker quoted me a rider on my existing policy for general liability, loss of equipment and minimal errors and omissions that will only cost an additional $250 a year to my homeowners' policy. I think 21 bucks a month is worth it for my peace of mind.
The other thing that I didn't initially consider is putting a rider on my car for the business. Yes, I work virtually but I do know that I may use my car to see local clients and for drumming up business (attending networking meetings for example). If, heaven forbid, I get into an accident on the way to a Chambers meeting, or if I have client files in my car that got destroyed in an accident, my insurance won't cover me.
I don't know about you but I'd rather be safe than sorry.
Barbara
Thats a good quote for a rider. I will be looking into that next week. That seems like a good way to go. Thanks for the info. More things to add to the forever long to do list.
Hello every one!
I spoke with a lawyer and my broker about this. I would venture to say that most of us are running our businesses from our homes.
As such, we would have homeowners' insurance. When you run a business from your home, you should ask your broker to quote you on a business "rider". That will protect you should anything happen like: your home got broken into and they stole your computer equipment, or a fire where the room where your office is got damaged. Without this insurance rider your insurance company can refuse to compensate you for any of these losses. They might even deny your claim entirely saying you did not inform them that you were using your home for a business purpose. (We all know how much insurance companies love to pay out, don't we?)
My broker quoted me a rider on my existing policy for general liability, loss of equipment and minimal errors and omissions that will only cost an additional $250 a year to my homeowners' policy. I think 21 bucks a month is worth it for my peace of mind.
The other thing that I didn't initially consider is putting a rider on my car for the business. Yes, I work virtually but I do know that I may use my car to see local clients and for drumming up business (attending networking meetings for example). If, heaven forbid, I get into an accident on the way to a Chambers meeting, or if I have client files in my car that got destroyed in an accident, my insurance won't cover me.
I don't know about you but I'd rather be safe than sorry.
Barbara
Hmm interesting. I wonder if this is true also for renter's insurance. I live in an apartment and have renter's insurance which was just renewed a few weeks ago but it didn't even occur to me to ask about having a home office.
Re: Insurance: do you have it for your biz?
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