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Insurance vs LLC

Hi. I live in California. In order for me to have my business under LLC it will cost me $800 per year. I asked around and some people think you can be sued personally even with an LLC, I suppose this is up for debate. However, someone then suggested I look into liability insurance, so I got a quote, see below, this is minimum coverage they offer. Some of it I have to ask about eg: pollution liability? asbestos liability? terrorism coverage????
Does anyone have experience or perhaps is far beyond me on inquiring about liability coverage? I thought I would post it so others can see the costs for minimum liability coverage in CA. Any input would be appreciated. I believe this is a write off. Thanks! This is what Hiscox Insurance sent me:

Laura,

Thanks for requesting a liability insurance quote from Hiscox. We specialize in insuring businesses like yours, and we customize coverage for the risks that are specific to your industry.

To view, complete or accept your quote, click here. If you have questions and would like to speak with a licensed agent, please call us at 855-587-1679. We're ready to help you Monday through Friday from 8 am to 10 pm EST.

You selected
Professional Liability : $270.00
Claims against you for negligence, even if you haven't made a mistake
Awarded damages and defense costs, up to your policy limit
Services delivered by all staff, including temporary employees
Bodily injury and property damage resulting from your professional services is covered up to the policy limit
Pollution liability claims covered up to $200,000
Asbestos liability claims covered up to $200,000
FHA/OSHA/ADA regulatory proceedings coverage up to $5,000
Administrative hearing coverage up to $5,000

Limits/Deductibles selected:
$250,000 per occurrence / $250,000 aggregate
$500 deductible

General Liability : $350.00
Damage to someone else's property (including $100,000 per rented space)
Injury to a third party, including related medical expenses
Actions of your staff, including temporary employees
Claims of personal injury including libel and slander
Includes optional terrorism coverage

Limits/Deductibles selected:
$300,000 per occurrence / $300,000 aggregate
No deductible for General Liability coverage

Your total price is $620.00. You can pay annually or in 10 monthly installments ($51.66/month with $103.40 initial down payment) with no fees added.

Thank you for choosing Hiscox. We look forward to serving you.

Comments

  • AdamAdam Admin, Enrolled Posts: 930
    Thank you for sharing. This doesn't seem like a bad quote, but I would look into those extra things because that seems strange. Like the pollution, asbestos, etc.
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