#freelance-talk
Thread
I recently became incorporated (single member LLC taxed as an S corp) and went to set up my business bank account today. They recommended getting business insurance, at least general liability. Is this worth it?
I wouldn't (and didn't in your position). I didn't start carrying this type of insurance until our payroll was growing and the business became maybe not "judgement proof" (it's not worth the legal fees for a business to sue a freelancer). That said, I'm admittedly pretty blase about contracts, insurances, and such, so YMMV. From a more objective/game-theory perspective, I'd calculate the odds of being sued, multiply it by the potential suit amount (money in your bank account if the corp veil isn't pierced) and weigh that against the premiums and the hassle.