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Errors and Omissions Ins What's the average cost to cover a 6 mo/40 hr a week contract? What are the factors that go into this pricing? Any recommendations as far as insurance companys to go with? I am an independent contractor, and have been asked to carry this.
Just curious.
What do you mean by cost. Insurance, office space, hardware depreciation, software purchases, training, etc.?
Edward
Nationwide has a blanket protector that you can buy that includes workers comp, business liability, etc... The price is going to vary wildly by your locale; a year's worth might cost anywhere from $250-$1000.
Mark L. Smith
There are some online pricing tools (I think techinsurance.com may be one, but don't have time to double-check now) that you can use to get quotes for this kind of thing. I have no idea how competitive they are, but they might at least give you a sense of what kind of questions are likely and some sort of ball-park figure. I would expect stuff like how long have you been in the industry, will you be dealing with financial or otherwise sensitive data or in risk-prone industries, do you have a past history of claims/legal actions against you, do you have a standard engagement agreement and a lawyer who reviews your contracts before you sign, etc.
John C.
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