What's your take? Is it a good idea for just starting up?

Do you have it?

Thanks,

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Ferguson & Kurtz Professional Services
"where the virtual meets professional"

I have general liability which I recommended for all businesses as part of start-up costs.

I provide bookkeeping services so I also have Errors & Omissions and a Service Bond (protects clients against my theft from their bank account)

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Lily E. Chambers, CPS, CQU The Virtual Office Goddess, llc
TVE Magazine - "Do Your Own Bookkeeping" class

I was thinking about getting insurance as well. I also heard that you can add a rider onto your Homeowners Insurance policy to protect your home office, otherwise the stuff may not be protected in case of fire...but I guess that's a separate subject! Anyway, does anybody know of any good company's to go to for business insurance?

Here is a resource I found through AIPB for Bookkeeper's errors & omissions insurance. AIPB members get a discount.

I just sent off for my quote, I'll let you know how much it turns out to be.

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Rebecka Melson ~ Virtual Business Services

Use the above link and once there click on the "Resources" tab. There are some good sample forms there as well, such as:

Negative Engagement Letters
Sample Engagement Letters
Sample Bookkeeper Engagement Letter
Sample Alternative Dispute Resolution Language
Sample File Retention Policy
Sample Tax Return Engagement Letter
Sample Disengagement Letter

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Rebecka Melson ~ Virtual Business Services

Just wanted to add my comments. I have worked in the insurance industry (commercial insurance for 40 yrs). I work part time in commercial insurance and have noted that there are companies that now write home based business. One company would be Safeco. Check with your agent and obtain a quote. The premiums are usually reasonable. Thanks, Pattyben

I received my quote today and feel it is very reasonable, so I will be completing the application to get insured. I feel it will be worth the expense to offer a level of comfort to my clients. I have encountered some who have been victims of embezzlement and won't work with anybody who isn't insured.

Here is my quote:

Limits: $100,000/$200,000 (with additional limit of $100,000 for legal expenses)

Deductible: $1,000 loss only

Annual Premium: $298.00*

*This premium reflects a 20% discount for AIPB Members.

Need a Business Service Bond?A Business Service Bond covers acts of dishonesty by employees, or owners, of the named insured of client property at the client premises.

$10,000 bond is $100

$25,000 bond is $250


*Note this insurance is specific to bookkeeper's and accountant's.

I'll be foregoing the bond since it is only applicable if the act happens at the client's premises.

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Rebecka Melson ~ Virtual Business Services

Thanks for the post! I had not thought about obtaining business insurance, but it seems like a really smart idea. I will be looking into it.

Rebecka:
Quote sounds good.

On the bond, please check with your agent to see if it covers the owner of a business.
I have seen some bond that will not.

Pattyben

I HAVE the surety bond - it covers me as an owner AND it covers my clients from theft directly from their on-line bank accounts. I figured for $100, it would give my clients peace of mind.

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Lily E. Chambers, CPS, CQU The Virtual Office Goddess, llc
TVE Magazine - "Do Your Own Bookkeeping" class