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Flipz87

Plastic
Joined
Apr 8, 2014
Location
St. Thomas, Ontario
Hi Everyone,

I've been doing contract programming for one of my previous employees but I am looking to expand and have gotten interest from other companies. I have general liability insurance(2 million) for my company but is that enough?

What other type of insurance should I consider?

I also have contracts that I got drafted by a lawyer. They said the contract plus the liability insurance should be enough but I dont want to get screwed.

Sent from my SM-G950W using Tapatalk
 
Get a good insurance agent. Trying to figure this out yourself is a fool's errand. General liability may or may not cover you, it will probably exclude professional liability. Here are a few insurance types that are options (this is all US terminology):

General Liability: this is for someone hurting themselves while visiting you, stuff burning down, etc. If it's just you in an office or home office, there is a cheap policy called a Business Owner's Policy that covers this. As your needs grow, you'll have to move up to a real general liability policy

Professional Liability: When you screw up a program and crash a machine, this is the policy that protects you.

Non-owned auto: if you're driving your personal car to go visit customers.
 
I also have contracts that I got drafted by a lawyer. They said the contract plus the liability insurance should be enough but I dont want to get screwed.



I would trust the Lawyer when they told you it should be covered. Is there a particular reason you are still concerned?

I know I stress out about liability sometimes with some of the architectural fabrication work I do. I just try to make sure I pay attention to what I am doing, and if everything is triple checked I will never need my insurance. I also turn down jobs from time to time (that seem high risk of liability) for that reason.

I try to also include some language ,when I am making components for other people as part of a larger assembly, that the safety/functionality of the finished product is there responsibilty to inspect and confirm. Which seems reasonable to me since the sum of all the parts creates a new part that I have no control over.

I am not sure anything can protect someone from blatant negligence.
I feel like just make sure you double check everything, and keep meticulous records showing who designed/approved what parts. Don't be afraid to turn down work either if you are uncomfortable with the job. Sorry I don't really have any imput as to your specific trade related insurance question. Though I would think that there are policies out there that focus more narrowly on design and drafting, but possibly only for people liscensed in certain fields. (Like architects and engineering trades)
 
This post edited by Ox:


Sir, you have me confused as to your intent. This post appears to be a SPAM post, while one of your others seems to be a slight spam post, and the third - not at all.

So I am going to edit this post and give you a week off to think about your purpose here.
Also - this edited post will be searchable for me the next time that I come across another questionable post from you.

When you start digging up old bones and place links, we start to get fussy.


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Think Snow Eh!
Ox
 
Ox, it's a spambot. There's been a spawn recently....:crazy:

The way I know? He/she/it (each re-incarnation) has an avatar, often makes an innocent (!?) post or two, and uses the location for each "About Me" field.

2021-01-04 14_05_17.jpg
 
Yes, there has been much activity of the same recently.
Most is not within my reach tho.
If this one does it aggin, I will delete the account.


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Think Snow Eh!
Ox
 
Yes, there has been much activity of the same recently.
Most is not within my reach tho.
If this one does it aggin, I will delete the account.


-------------------

Think Snow Eh!
Ox

Y'all will take note. That Ox's policy of cleaning out all spammers, has made this place
much better, and it seems to get less spamming that the rest of PM.

I only wish that the site owner would take notice and nuke all spammers in the same way, thereby sending a message, that you'll find NO value to spamming here.
 
Somehow I doubt that any spammers are reading this...



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Think Snow Eh!
Ox
 
Other things you can do as a small company/one-person corp:

Have your retirement money in a 401(k). In many states, these have have very good protection from judgments, as the custodian is the "owner of record" and not you.

Get a personal umbrella policy. It is likely to either pay or force insurance to provide a very good defense if something happens that falls through the cracks of other coverage.
 








 
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