What kind of insurance do I need as a tech contractor?

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Bob Maloney, MSFS, AEP, MSFS, AEP

@napfabob • 03/04/16 This answer was first published on 03/04/16. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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I just responded to a very similar question and to help you get started, consider the following. You will definitely need liability insurance for any business. However, before you get started, create a single person LLC in your state of residence which will provide you with a significantly higher form of liability protection than any insurance policy will. Once this is been done, contact your property-casualty broker and ask if they handle business insurance. It may well be that the minimums of $500,000 or $1 million of protection will be extremely inexpensive. With these two steps in place, you will be protecting your personal assets from your business assets which is critically important in an environment where lawsuits are filed for many reasons, many of which are not justified. Liability insurance amy also protect you by providing funds for legal counsel if and when it's ever required. Hope this helps and good luck.

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