Protect your small business with professional liability insurance
Quote online and buy in minutes
Affordable insurance
Licensed agents
No obligation quote
Customized coverage
Protect your small business with professional liability insurance
Quote online and buy in minutes
Get your quoteAffordable insurance
Licensed agents
No obligation quote
Customized coverage
When you’re a professional, one small slip-up can end up a big, expensive problem. Because if a client thinks you made a mistake and it cost them money, they can sue you for negligence. In fact, clients can sue you for negligence even when you’ve done nothing wrong.
Even if a claim is groundless, professional liability insurance (also known as errors and omissions) can cover your legal defense costs, and damages, too.
With that sort of financial protection for your business, a professional liability policy is one it might be a mistake not to have.
Anyone who charges clients for advice, or a service, needs professional liability insurance. Here’s why:
Having a professional liability policy means you can focus on what you do best. Knowing your business, your bank balance, and your reputation are protected.
Professional liability insurance can hire you an attorney and cover legal fees -- plus compensation -- if a client claims you, or anyone you employ:
What’s more, even if a claim has no grounds, a professional liability policy can cover:
The cost of professional liability insurance can vary, depending on:
The higher your deductible, the lower your policy will be priced. Just make sure that if it a claim were made, you could actually afford to pay that amount towards the cost of the case.
Choose your coverage limit carefully too. Because the higher your coverage limit, the more your professional liability policy will cost. Think worst-case scenario, then choose a figure you can realistically afford.
And remember, payment options are available. So you can spread the cost of your policy to suit your budget.
Here’s an example of professional liability insurance prices. See how they vary, depending on your location and profession?
IT Consultant | Business Consultant | |
---|---|---|
State | CA | TX |
Annual income | $150,000 | $350,000 |
Coverage limit | $500,000 | $1,000,000 |
Amount you pay towards the cost of a claim | $5,000 | $5,000 |
Monthly cost of policy | $36.75 | $65 |
Annual cost of policy | $441 | $779 |
There isn’t one. Professional liability, PL, errors and omissions, and E&O, are names used by insurance companies to describe policies that do the same thing.
The reason there are so many different names for the same policy is because different industries call it different things.
In real estate, tech and accounting industries, for example, they call it errors and omissions (or E&O, for short). While architects, consultants and engineers call it professional liability (or PL).
Visit our blog to read more about the difference between PL and E&O policies.
For help, support or just a quick question, feel free to call me.
I'm Amber - I'm here to help you Monday to Friday, 9am-5pm ET.
My direct line is 978 344 4225.
Amber Smith
Customer Service Representative