Do You Have Insurance?

Lizzy

New Member
Coming from the legal field, I feel bare without some kind of "errors or omissions" insurance. I'm going to look into it, but just curious how many VAs carry such insurance? Thanks.

Liz
 

PatriciaM

Member
Hi Liz,

I'm just starting out, however, did a lot of research and spoke with 3 different agents about small business insurance. I ended up just getting business liability insurance which was around $300 per year. I did request quotes for E & O Insurance also and that was quoted at around $700 in addition to the business liability per year. I determined that since I was not planning on working in high risk areas....financial, legal, real estate for example, that I was comfortable not getting the E & O.
 

Lizzy

New Member
Very interesting that E&O was more expensive than general business liability. I'm going to start getting quotes soon. Thanks for your thoughts!
 

VN Linda

New Member
I am just starting up and this was one of the questions in my head should i have some kind of insurance my head said yes best to be covered but was unsure what type of insurance i should be looking into I didn't know about E&O Insurance so this has been really beneficial for me to read another thing to add to my list !
 

SarahO

New Member
Hello, what are the policy types you have purchased? I can see limited liability but do you also need professional indemnity or is that one and the same thing?
 

PatriciaM

Member
Sarah, my policy is called a Businessowners Policy. I got quotes from several different companies and there can be many differences in what they consider necessary for this type of policy. I highly recommend that you do some research to try and have at least some basic knowledge of the terminology. For example, it took me forever to get it through the agent's head that I would not have clients coming to my home. I really was teaching the agents about the VA Business. The policy I ended up getting covers business personal property, loss of income, business liability, medical payments, equipment breakdown. My annual premium is $310 with a $1,000 basic deductible. Hope this helps a bit.
 
When you deal with client paperwork especially of and accounting or tax nature, I would definitely recommend taking out some sort of liability insurance in case you make a costly error. At least this way you're covered and can have some peace of mind while conducting your business. I can't comment on particular types of insurance as I am based in Spain but check out and compare the various options available in your country.
 
Thanks for the info, Patricia M, and thanks for posing the question, Lizzie. I was considering insurance as well; and also wondered how it worked since I'm working from home. I wondered if it would even be covered and would my current insurance company for auto and homeowners is underwritten the same way. I guess its time to make that call. Sometimes it all feels so overwhelming especially when you are doing it all yourself and only have so many hours in a day with internet.
 

Harmonee

New Member
Hi Liz,

I'm just starting out, however, did a lot of research and spoke with 3 different agents about small business insurance. I ended up just getting business liability insurance which was around $300 per year. I did request quotes for E & O Insurance also and that was quoted at around $700 in addition to the business liability per year. I determined that since I was not planning on working in high risk areas....financial, legal, real estate for example, that I was comfortable not getting the E & O.
Can you contact any insurance agent or are their a particular type of company I should be looking for? I'm flying somewhat blind on the insurance topic. Thanks in advance.
 
Sometimes you can add an umbrella policy on to your homeowners - and that is less expensive but covers you. Unless you are giving a legal opinion, E&O insurance should not be a major concern.
Rosanna
 

PatriciaM

Member
Harmonee, I contacted my current agent that I use for Homeowners/Auto Insurance and several insurance brokers. The brokers represent multiple insurance companies. You can read more about my crazy experience in a blog post I wrote that's on my website. It was such a random/weird experience I just had to share, lol.
 
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