Professional Liability Insurance
If you are in the business of providing clients with expert services or advice, you need protection in case a customer accuses you of misrepresentation or negligence performing your services. Professional Liability insurance (also called Errors & Omissions insurance) provides coverage for your business from costs that can arise when these types of claims are made. The policy covers legal costs and damages whether or not your business is actually at fault. If you provide clients advice in your business, like lawyers, accountants, insurance brokers, real estate brokers, and engineers you should strongly consider this type of coverage.
Need more information? Speak with one of our insurance experts to find the right coverage for your business.
Peace of mind in a policy
Types of businesses that should have Professional Liability
What Professional Liability costs
If you are sued, the cost of not having Professional Liability insurance can far outweigh the cost of purchasing it. Many businesses pay between $10,000 to $100,000 in damages in legal fees, even if they win the case and are found not liable.
Most small businesses spend around $400 to $1,000 a year for professional liability, which provides a limit range of $25,000 to $1M. Note: Medical Malpractice and a few other types of Professional Liability can be more expensive.