What type of insurance do i need to cover lawsuits for my corp. and contracts with clients?

Question

Is there insurance to ensure llcs? Also is there insurance to insure contracts? Thank you.

Answer 1

You need a legal services plan such as

www.benderent.com

Look at the business plans

Answer 2

it depends on what you do?  If you are a law firm or a medical office you need error and omissions coverage or malpractice.

If you are a Contractor or other service industry you need general liability coverage.  Just make sure that contractual liability is covered. Some companies exclude it.  The smart thing to do is to have your attorney draw your contracts, then if there is a contractual issue, the law firm has errors and omissions...LOL

not really.. if you don't provide them with enough info, then the lawyer is off the hook and you are still holding the bag.  It really depends on what business your in.  The LLP makes no difference.  That's just part of the name.  You could be ACME Car Wash, LLP, you would need Liability, Property coverage for your equipment, workers comp ( for the guys that wipe down the cars (I like those kind best), etc, etc.....

YA see what I mean???

Answer 3

Insurance IS a contract.  So, it will cover SOME contracts - depending on the contract type.  Then there are bonds, which also cover contracts.

LLC is a business type - the insurance required by an LLC would be the same as an SCorp, doing the same thing.  

You really need to talk with a local, independent agent about your business, to get the coverages you want/need to protect you.

Prepaid legal is NOT going to do the same thing - even if they defend you for free, they won't pay any judgements.