Hi Everyone, Continuing to set up operations for new VA practice. I would be grateful for any advice on what kind of insurance cover I should undertake.

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Ann Murphy
ATM Business Services Ltd

Hi Ann,

I've been in business (general transcription) for over fifteen years and I have never had any insurance for my business. Some people have what is called errors-and-omission insurance. My friend checked into that once and said it was expensive. I'm sure others will come along and give you much better information!

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Pam Deyerle - Transcriptionist in the Richmond, Virginia area
The Perfect Word Transcription Services

Thank you Pam. Would prefer not to have the additional cost of insurance as budget is tight enough. However, would rather be safe than sorry.

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Ann Murphy
ATM Business Services Ltd

Believe me, I've thought about it, too, for the same reason. Just never could afford it.

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Pam Deyerle - Transcriptionist in the Richmond, Virginia area
The Perfect Word Transcription Services

I got a quote for an E&O policy that covered code, too & it was $1000 a year. IIRC, a standard policy that didn't include code was about $800.

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Lezly Harrison
Laserdog Productions - Code that Doesn't Bite

Insurance needs really depend on your business. I have a general liability policy on the off-chance that a client comes to my home (your home insurance policy doesn't cover this!), and because I am a bookkeeper I have E&O and a 'surety (anti-theft) bond.'

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Lily Chambers, The Virtual Office Goddess, LLC
Author "How to Do Your Own Small Business Bookkeeping"

I really do think that it depends on the type of work you do for a client and whether it can possibly affect your client negatively or lose him money/ respectability if you make a misktake whilst managing his paperwork. I have my insurance company looking into third party liability insurance because I've taken on a new type of client. I'm still awaiting a response but I think it will be in the region of 1.200€ per year which is a lot of money but I'll look into alternative solutions. I wrote on a similar post the other day and said that as business owners, our main priority should be to protect the interests of our company so it's well worth looking into at least.

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Sabrina L. Williams
For a bird's eye view of your business

Thanks for feedback everyone. I think I will get costings for E&O and a General Liability Insurance. Thing is, I really don't trust insurers very much. There are so many companies and prices/cover varies greatly. Not to mention the jargon. Think I will seek some advice from contacts at Federation of Small Businesses to narrow it down. I'll keep you updated.

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Ann Murphy
ATM Business Services Ltd

i got my E&O and Surety Bond discounted through Naplia as a member of American Institute of Professional Bookkeepers and my general liability through the same agent that covers my home.

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Lily Chambers, The Virtual Office Goddess, LLC
Author "How to Do Your Own Small Business Bookkeeping"

Thanks Lily. I am in Scotland but will try some contacts given by the local business gateway.

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Ann Murphy
ATM Business Services Ltd