Other coaches, writers, independent social workers or counsellors, etc, out there?
To keep it super simple, let's say that with no education or background, I provide coaching in a very specific area. The coaching is very effective, so we're all good on that count.
When the coaching became quite successful -meaning, more clients/contact- it occurred to me it was time for professional liability insurance, just in case something ever went awry.
Last year, a competitor was successful in near-destroying my tiny business, so now I have to ruthlessly re-examine costs. (Ideally, the legal costs involved in protecting my business from this person would have been covered by the liability insurance, but I didn't realize that in time to request coverage in advance.)
Questions
Is it insane to pay $3000.00 (three thousand dollars) each year for professional liability insurance?
Or is it insane NOT to pay $3000.00 (three thousand dollars) each year for professional liability insurance?
Where is the wiggle room? Or alternatives?