Why do I need liability/errors and omissions insurance?
As a professional, your clients pay you to provide specialist advice or services. If your client deems your advice/services fall short of what they expected, or you make a genuine mistake, they are entitled to sue you for their losses. That usually means a claim of negligence.
Professional liability insurance or errors and omissions insurance covers your business against the legal costs and damages associated with these claims.
General liability insurance policies are for physical damages to people and property and typically exclude cover for claims made due to professional services.
How much cover do I need?
Our advice is that you should buy the highest level of coverage you can afford. That might not sound very helpful but lawyer’s fees and compensation awards are potentially astronomical – you need to make sure your policy covers worst case scenario. If in doubt we suggest you speak to your legal counsel for the appropriate limits to have in place for your business.
Can I take out a policy if my business is based abroad?
No, your business must be located in a state in which we are licensed to write coverage. However, your professional services performed abroad will be covered, as long as the claim is brought in the United States, its territories/possessions, or Canada.
Our sister company, PolicyBee, can help if you're based in the UK.
Can I make changes to the policy once I've taken it out?
Absolutely - you can make changes to your coverage limits and deductibles, as well as things like a change of address. Just give us a call or send us an email.
Remember that if you change your address your new premises will have to meet the program requirements.
I'm an insurance agent - can I apply online on behalf of a client?
Unfortunately not. We're unable to offer our online policies on a wholesale basis.
How easy is it to cancel a policy?
Very easy - just give us a call and confirm your request by email if you want to cancel your policy. You'll only pay for the coverage up until the date you cancel.