Its time to re-up my E & O insurance, and I'm wondering what a good amount of coverage is. I had $500,000/1,000,000 with a 5K deductible. I picked these numbers when I was really concentrating on growing my biz, but I had to get a job, so I'm grossing under $20K. Is this overkill? I am really big on lots and lots of insurance, and I own a couple of properties, that I'd like to keep in the event of any nasty lawsuit, not that I'm planning on having any.
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How much is the
premium? If it's not much I say why not? -
Risk from two points of view
From your point of view the size of the risk depends a bit on how large and complex your practice is, the environment in which you work, and how good you are but at least for me the biggest feature is how much of value I have that could conceivably be taken from me by court order.. That factor, however, is irrelevant to the insurer, who cares only about the other factorsComment
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Yeah, for me the practice is not big, but the stuff they could take is. The premium last year was about $600 (up from $297 the year I last quantified my practice with them). And the practice hasn't gotten any bigger (actually got smaller since I haven't done any subcontract work since then).Comment
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