Question on importance of Professional Liability Insurance.

dodge man · Mar 10, 2014

My company pays it.

Tractor Seabee · Mar 10, 2014

dodge man said:
My company pays it.

Read the fine print of the contract, as the company pays it might only cover the company if you are liable personally, remember lawsuits always name the deep pockets first. The policy may not cover you personally if the company is dismissed from the suit.

Ron

wroughtn_harv · Mar 10, 2014

I carry a million with another million kicker. What I get a kick out of is the clients who ask for my proof of insurance like I carry a card. The way it works is the client asks for the certificate of insurance from the carrier. The guys carrying the cards are phonys.

A lot of companys want to be added to the coverage if I'm working on a project of theirs. For the guys who don't carry insurance the companys pick up a binder on them and it comes out of their pay.

Anymore very few individuals doing construction work carry it. It can be expensive. But without it you put everything you own at risk and it would be terrible if you did do something and there was nothing to help the victims.

Side note, I just renewed my truck insurance. Forever I've carried 100/300. The old company went a little high on me and since I have everything through an independent agent I told them we could do better or I would. She told me she had a hard time getting quotes until she went mil/mil on the truck, then we got a great rate. It seems insurance companys these days consider 100/300 underinsured on a truck and don't want to write the policy.

Gator6x4 · Mar 13, 2014

Not wanting to change this from a INSURANCE POST. But in my opinion anyone with a CCW who does not have a huge personal liability insurance policy is ice skating on very-very thin ice.

timswi · Mar 13, 2014

Gator6x4 said:
Not wanting to change this from a INSURANCE POST. But in my opinion anyone with a CCW who does not have a huge personal liability insurance policy is ice skating on very-very thin ice.

Have a CCW and I agree.
I have an umbrella policy..My agent told me that if he didn't offer it for the cheap price that it is it would be malpractice on his part..He's right. The umbrella covers stuff beyond what any standard policy covers and allow state minimums to be carried on the vehicles etc so that the umbrella picks up the rest. Common sense to me.

My first concern was kids riding quads and hunting on my property, but the possibilities have morphed over the years. Well worth the peace of mind and hope I never have to use it.