In many cases, clients will not work with you if you’re not covered. For most situations, MBO satisfies the business insurance requirements you need, saving you time, money, and hassle. Protecting your business against various liabilities means you are protecting yourself and your future security. But that’s not the only reason to carry adequate business insurance.
With MBO, you have access to General Liability, Errors and Omissions, Worker’s Compensation coverage and more. Procured on your own, these polices can cost upwards of $10,000 annually. MBO Business Services Associates enjoy access to a full suite of business insurances as long as they remain active. Worker's compensation is charged based on the work performed. General Liability and Errors and Omissions coverage is included as part of the MBO standard service fee.
General Liability insurance is often necessary for independent consultants. It covers a wide range of incidents, including accidental damage to a client’s property or automobile, claims of libel or slander, and the cost of defending lawsuits. MBO provides a substantive umbrella policy that includes liability insurance.
Errors & Omissions insurance provides protection when your clients incur financial harm due to an error or omission on the part of the contractor, i.e. a failure to perform an integral part of your responsibility on a project. This insurance is also part of our insurance policy.
Worker's compensation insurance is funded based on the work performed.
Nobody plans to go through a gap in employment. However, as part of the W-2 tax convenience of Business Services, you will be covered by unemployment insurance. Depending on state qualifications, unemployment benefits are honored based on the facts and circumstances of the cause of unemployment.
Limited liability protection is achieved by leveraging the MBO corporate structure.