Insurance requirements for 1099's or Corp-to-Corp resources

[levadmin]

If you are a 1099 or corp-to-corp entity, you are expected (by default) to carry certain insurances:

* Workers compensation
* Professional Insurance (a.k.a. Errors & Omissions)
* General Commercial
* Business Auto (except owned)

If you don't have 1 or more of the above at the levels required in the MSA we can provide it for you but the rate paid to you would be reduced to cover that cost. Depending on client some of the above may be waived or allowed to be sufficient at lower level of coverage. Ask your agent about the specific job at hand. However, by default, assume you have to carry these AND list LEVERAGEncy as an additional named insured on your policy.

[levadmin]

Note, typically the coverage levels of the above are:

(a) "Commercial General Liability" insurance with limits of not less than $2,000,000 per occurrence and $2,000,000 general aggregate,
(b) "Business Automobile Liability" insurance (including coverage for all owned, non-owned and hired autos, and no fault coverage where applicable) with limits of not less than $1,000,000 per occurrence for bodily injury and property damage combined, unless Contractor only uses private passenger automobiles on LEVERAGEncy’s premises, in which case not less than $500,000 per occurrence is acceptable,
(c) "Workers' Compensation" insurance, including but not limited to coverage for all costs, benefits and liabilities under workers' compensation and similar laws that may accrue in favor of any person employed by Contractor in all states where Contractor performs Services, and “Employer's Liability” insurance with limits of liability of not less than $1,000,000, with a waiver of subrogation in each case in favor of LEVERAGEncy (where permitted by law), and
(d) “Professional Liability” or “Errors and Omissions” insurance with limits of not less than $1,000,000 per claim.

Could vary by client a bit ... but the above is a good baseline.

[levadmin]

As of this date LEVERAGEncy can provide workers comp for $0.40/hr and the other insurances for $0.60/hr. See MSA for current quotes.