Insurance for self vs my LLC???? HELP!

[pilgrim192]

Hello!

I own a LLC and currently have malpractice offered through my contracts (I work as an independent contractor).

I am branching out and am starting aesthetics and house calls. I have a supervising MD>

Do I need to insure my company (llc)? This covers the company (me and med director) in cases of malpractice but the lowest quote I got was 5k/yr.

OR Can I just buy insurance for myself as an APRN (400/yr) and see if my med director would be covered by the insurance she already has for herself? I can also buy her a supplemental insurance which would probably be cheaper.

What is the difference?

[Jdefelice]

I think you are better off with the LLC insurance, even though it is much higher. I say this because even though you have Liability Insurance on yourself, if you are ever sued by a client they can sue you directly which means all of your assets and money in the bank are free game. Whereas if you go through your LLC your personal assets are protected and only the company assets are free game. I would look at different companies for quotes for your LLC insurance because I am starting an LLC soon and got a quote of ~$500 for the year for a CPR business.

[NedRN]

Unfortunately, that is not true. No corporate structure will protect you if there is malpractice. That is what insurance is for. Corporate limited liability does protect your personal assets from partners or employees actions, or premises injury like slipping on ice. Professional malpractice, you better have sufficient insurance to protect your assets.