Protecting your business against various liabilities means that you are protecting yourself and your future security. But that’s not the only reason to carry adequate business insurance. 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.
With MBO, you have access to General Liability, Errors and Omissions, and more. Procured on your own, these polices can cost upwards of $10,000 annually. MBO Associates enjoy access to a full suite of business insurance as long as MBO approves and signs the client contract.
General Liability insurance is often necessary for independent consultants. It covers a wide range of incidents, including accidental damage to a client’s property, claims of libel or slander, and the cost of defending lawsuits. If needed, General Liability insurance can be purchased at a discounted rate through our insurance partners and underwriters.
Professional Liability/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. If necessary, Errors and Omissions coverage can be purchased at a discounted rate through our insurance partners and underwriters.
Workers' compensation (WC) is a form of insurance providing wage replacement and medical benefits to injured workers. Corporate Services customers may purchase a worker's compensation policy if permitted by the state jurisdiction where work is performed. Most states do not require corporate owners to have worker's compensation insurance however, you will usually have the option to elect voluntary coverage.
Limited liability protection is achieved by leveraging your own corporation (including LLCs taxed as an S-Corp or C-Corp).