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The Law, The Need, The Advantages of Having an E&O Policy
The Market Landscape
United States Government has a new law for contract workers. Now Assembly Bill 5 is signed into law took effect this past January 2020.So, businesses will automatically reclassify hundreds of thousands of contractors as bona-fide employees.But what if consultants choose to work as a 1099 Independent Contractor from home or a virtual location?
*Note, other countries will be mandating new laws & regulations down similar paths.
Advantages to Independent Contractors
- Be competitive in the job Market-place.
- Charge Employer a competitive discounted rate for working as a 1099 Independent
Contractor.
- Flexible hours, work from a virtual location or the privacy
of his/her home, save on commute time and gasoline, save on babysitting and stay with
family.
- Liability Protection
Disadvantages & Risks for Independent Contractors
- No insurance to protect assets and job in the event errors are made
or false information delivered to clients.
Advantages to Employers for hiring Insured Independent Contractors
- Save $$$$ on many expenses including and not limited to payroll
taxes, vacation, sick days, FICA & health benefits.
- Pay lower hourly rates to 1099 Ind Contractor, avoid interoffice
liability, politics & expenses.
Disadvantages & Risks to Employers
- Liability
- Lawsuits for false representation, Errors and indemnifications made
by Independent Contractor Solution for both parties
- (E&O) Errors & Omission professional liability for Licensed or Non-License
Consultant
- Claims will be filed against the 1099 Independent Contractor’s policy and not
Employer
- Protect Employer from liability and peril arising from Independent
Contractor Errors.
Virtual Jobs for E&O Policy Holders
If you have an E&O Policy then your Highly marketable. We have many Virtual non-license career opportunities.