If you ask an attorney, corporate counsel or your insurance agent I’m certain that the answer would be the same. YES, you need insurance! And I suppose from a strictly paranoia or disaster point of view that’s true, however, what about the other 99% of the time.In the most fundamental projects, regardless of complexity or risk, there is an acceptance phase where the client takes ownership and responsibility of the work product and it’s benefit. And so the risk transfers or should transfer to the client upon acceptance. So then what is the purpose of the Liability Insurance?In reality, contractors are not charging enough. If they were then it’s likely that more companies would hire full-time resources instead of contractors or consultants except in the most extreme or specialized vertical knowledge.