If you run a home-based tutoring business or virtual tutoring business, it is likely that E&O insurance is your primary concern, as you do not visit clients nor do you have clients on site.

General liability is sometimes called slip and fall coverage, as it is intended to protect you from claims for accidental bodily injury or property damage to a third party.

Professional liability or E&O for tutors is intended to protect you from claims that result from causing a third party, such as a student a financial loss.  For example, parents could sue you because they say that your tutoring resulted in their child not getting into college. 

Single tutor insurance starts around $200 for both general and professional liability.

An ERISA bond is a kind of fidelity bond used to protect people who participate in employee benefit plans like a 401k retirement plan,  a defined benefit plan, or a pension fund. The Employee Retirement Income Security Act (abbreviated as ERISA) of 1974 requires fiduciaries, or the individuals appointed to oversee and manage employee benefit plans, to obtain an ERISA surety bond protecting these plans and their benefactors from potential fraud, mismanagement and theft.

Do I need an ERISA Bond?

If your business has a retirement plan, such as a 401K, then you probably need an ERISA Bond. 

If you have any of these responsibilities, then you likely need an ERISA bond.

Negotiating or transferring retirement plan funds
Signing checks or other negotiable instruments of a retirement plan
Working with cash, physical documents, or other physical assets of a retirement plan
Disbursing plan funds to beneficiaries
Supervising or having control over any of the above