Professional Liability Insurance

Professional Liability Insurance is known by many names, including Errors and Omissions and Medical Malpractice Insurance based on the profession. Professional Liability coverage is designed to cover professional negligence, failure to provide promised services, misrepresentation of information, and other client claims. Unlike other coverages, it does not cover third-party bodily injury or property damages. However, you can include additional coverages to ensure you fill the gap by creating a comprehensive package. 

As a professional, you will want to have Professional Liability Insurance coverage as it provides financial compensation when you need it against client claims. While you may have a clean track record of never making mistakes, one slip-up can be costly. 

Furthermore, Professional Liability Insurance is a specialty coverage not found in most policy endorsements, such as the Homeowners or a Business Owners Policy (BOP). Hence, it is essential that you consider this coverage if you are providing professional services such as accounting or brand consulting. Note that only claims under the policy period are covered as it’s typically on a claims-made basis. This means that incidents before the policy take effect may not be covered. If you would like retroactive coverage, get in touch with us and find out how we can assist you. 

Professionals of all types face unique risks that influence their coverage requirements. The following are coverage options that can be found inside the Professional Liability Insurance policy:

• Commercial General Liability Insurance (CGL): General liability insurance shields you from personal/bodily injury or property damage claims on the business’s premises or due to its operations.
• Contents: Protects your business and its content from theft, fire, and more with up coverage up to $250,000.
• Non-Owned Automobile Liability: Anything can happen on the job. If you or your employee borrow, rent, or use personal vehicles, you will want this coverage in case of accidents.
• Privacy Breach Expense: When a data breach occurs, this coverage helps pay to notify your customers, credit monitoring, cyber security investigation, and more.

Still need more coverage? You might want these:

• Crime Insurance: Crime coverage covers direct losses such as theft, fraud, and even employee dishonesty leading to financial loss.
• Cyber Security and Data: This coverage is ideal if you handle and stores third-party data like your customers. It covers costs relating to cyberattacks and unintentional data breaches.
• Directors and Officers (D&O): If you have board directors and officers, this coverage will help protect them while making high-stakes decisions as a part of their day to day operations.
• Tenants Legal Liability Insurance: This additional coverage will cover damages and losses to spaces you rent or occupy.

All professionals in any industry can benefit from our affordable Professional Liability Insurance if they provide a professional service. Whether you are an employee, freelancer, or small business owner, it is essential to have financial protection against professional liability exposure. Industry professionals that can benefit from Professional Liability Insurance include:

The Professional Liability Insurance cost will depend on the following factors:

• Applicant details
• A complete list of operations
• Annual and projected gross revenues
• Deductibles
• Industry and services offered
• Number of employees
• Specified coverages
• The limit of liability requested 
• and more

We can offer terms with competitive premiums annually with same-day coverage you can count on for as low as $500 annually. Complete our online application and get your free quote e-mailed within minutes!

Please note that completing our application for an insurance policy does not cost anything or require you to proceed with the coverage once a quote is provided – customer service is our priority.