Insurances - Totally confused

Question

Insurances - Totally confused

Slugger926 (Bioengineer)

(OP)

21 Sep 05 22:45

I know I can get liability insurance fairly reasonably, but I was asked this question from an Insurance Agent:

"Are you sure you need Errors & Ommisions, and not Product Completed Operations coverage?"

I am confused with the difference, and which one is needed, or which one is required when. I will be talking to her on Monday morning.

I am still in the process of getting this kind of stuff figured out. At this rate, I am probably one to two years out from even starting anything. It is better to be prepared than to jump in clueless.

johnwm (Computer) · Answer 1 · 2005-09-22 06:04:10

I would ask your insurance agent - she's supposed to be the expert in the field.

Good Luck
johnwm
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solid7 (Mechanical) · Answer 2 · 2005-09-22 08:26:58

As I stated in a reply to your previous post, an accountant or attorney, suprisingly, may also be of great help to you here.   I found that my accountant, (who was well established in the area) answered, or steered me straight on several such questions.  If he didn't have the answer, he knew who did.  Remember, these are people who work with others in many different areas, and they gain some of this knowledge just by ambience. (and looking at tax returns, seeing where the money went)

If you are properly licensed - by that I mean occupational licensing - your town and county should be able to also tell you what the minimum *required* insurance would be.

In both cases, remember that the type of insurance that you buy may also be dependent on your corporate structure.  Base your research accordingly.

And again, I stated that you should talk to someone IN YOUR AREA who DOES WHAT YOU WANT TO DO.  That's my BEST advice to you regarding this matter.  I, personally, did this before I started my own business.

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zdas04 (Mechanical) · Answer 3 · 2005-09-22 08:51:32

To add to Solid7's excellent advice, each of my clients has a Master Service Agreement (MSA) that specifies (among other things) the coverage and amount of insurance they require for access to their sites. You might ask some of the people you're hoping to work for if they have an MSA that you could look at. It's often funny how accomodating people can be.

David

Slugger926 (Bioengineer) · Answer 4 · 2005-09-22 16:26:06

Thanks guys. My insurance company got me straightned out.

My agent didn't know much, but a friend at the regional office knows all about what is needed.

stanier (Mechanical) · Answer 5 · 2005-12-01 18:08:01

Suggest you ask some of the insured parties with your agent who have made a claim in this area. See who has been bitten by the small print.

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Insurances - Totally confused