Recommendations for a business liability insurance plan

This topic contains 5 replies, has 6 voices, and was last updated by  Anonymous 2 years, 11 months ago.

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  • #23932

    Jerry Rice
    Participant

    I know this topic has come up in the past, but I need to ask for member recommendations for purchasing a $1M general business liability policy for my independent consulting practice. I’ve had a plan in place for 20+ years through State Farm that was tied to my home owner’s policy, but State Farm has discontinued this type of policy.

    Thanks in advance,

    Jerry W. Rice, Systems Software Consultant
    http://www.fabnexus.com
    660 Arboleda Drive
    Los Altos, CA 94024
    jerrywrice@fabnexus.com (email)
    1-650-207-8235 (mobile/office)

  • #23939

    David A. King
    Participant

    There is professional liability insurance offered through IEEE. Don’t know if it will cover all the bases but it worked for me.

  • #23940

    Walt Maclay
    Participant

    We have liability insurance through Hartford, which is fine. I highly recommend our broker, Walton Associates. You should contact them.

  • #23941

    Shea Ellison
    Participant

    I’ve obtained mine through an independent agent, Bernie Preamble, 770-492-8793, bpreamble@wtm-insurance.com and his rates have been unbeatable.

  • #23946

    Steve Richfield
    Participant

    I have run into two black holes with liability insurance:

    1. Everything going along GREAT – until you get a truly professional credential, like a P.E., whereupon your insurance rates become astronomical. So carefully evaluate your future before jumping in.
    2. Taking a project in an area that turns out to have an astronomical potential liability. This hit me on a project at Lockheed to repair some circuit boards for one of their flight simulators, after others had failed to repair them. Everything went along GREAT – until a helicopter crashed in Afghanistan. So, what do circuit boards for simulators have to do with a real-life crash on the other side of the world? As it turned out, the flight crew had been trained on a simulator that failed to properly adjust flight characteristics for altitude, so in Afghanistan they just flew like they did in the simulator, whereupon the helicopter fell out of the sky and killed everyone aboard. Eventually some independent contractors got blamed, so ALL insurance carriers cancelled their contracts to anyone working on simulators, never mind that my work had NOTHING to do with programming, flight characteristics, etc., and further, my work was for secret MILITARY simulators (complete with an armed guard watching my every move), and the military is NOT known for suing people who screw up.

    … and so ended another fun and lucrative contract.

    Steve Richfield

  • #24024

    Anonymous

    I have been using Hiscox for the last 4 years for General Business liability insurance and for Professional Liability (E&O). I have not have any claims, so I can’t relate what they are like to deal with a claim. Their rates over the last 3 years have remained stable.

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