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Small Business Insurance: Do You and Your Subcontractors Need It?
By Joshua Feinberg
Of course, you need to check with an accountant or lawyer for specific information, but in this article, you'll learn what small insurance has worked for our computer consultants and customers in the past.

What Type of Small Business Insurance Do You Need?

You should definitely have both a general liability as well as a professional liability policy for your services. That professional liability should have the errors and omissions insurance rider folded into it as part of your small insurance coverage.

How Much Will It Cost You?

This insurance will range in cost, but $3500 is about average. Typically, small insurance companies will base your price on your size, in terms of employees, the sales volume you’re doing, and how they characterize you by risks.

Take time to carefully explain and look at the categories

with your agent before they lump you into something that you’re not. A lot of times they might classify you into software developers which could be a very different risk category than network installers or resellers.

Do Your Subcontractors Need Small Business Insurance?

Yes, each of your subcontractors should definitely have general and professional liability and errors and omissions insurance. You should not be covering them. Otherwise what you’re doing is probably providing benefits that are more like what you would do for an employee as opposed to a contractor.

What's The Next Step With Your Small Business Insurance?

Talk to your attorney and talk to your insurance agent. If you have an insurance agent that takes care of your property and contents insurance needs, you should definitely sit down and talk with them. You might want to ask this question of your accountant also because they have a relatively similar model in your same area.

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