“It’s better to pay small liability claims out-of-pocket rather than report them to the insurance carrier.”
“Statute does not require me to have workers’ compensation, thus you (a higher tier contractor) can’t require it either.”
“I pay him with a 1099. He’s an independent contractor, not an employee.”
“If a workers’ compensation injury is less than a certain amount, I do not have to report it to the insurance company.”
“Flood insurance is only for those in ‘flood zones.’
“If I don’t have anything, they can’t get blood out of a turnip.”
“There is no need to purchase liability limits higher than my net worth.”
“That’s why I buy insurance (no need to implement risk management or loss controls).”
“Corporate status will protect me from liability, I’ll just declare bankruptcy and shut down.”
“Insurance is all the same.”
For more info on these myths read the article here....http://www.mynewmarkets.com/articles/103193/insurance-lies-clients-believe-and-pass-on-to-others
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