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5 Questions Professionals Should Ask About Professional Liability Insurance

Aug 10, 2021 · 5 minutes to read

Every small business faces a variety of risks that insurance can typically help address. For business professionals, a Professional Liability policy can help protect you and your business against a unique set of liabilities.

If you provide others with a professional service, including giving advice or representing another’s interests on their behalf, you may want to consider a Professional Liability policy. Occupations that typically buy these policies include:

These are just a small sampling of the types of professionals who may need Professional Liability insurance. However, you may still have questions about this type of coverage. Here are five questions that professionals should ask about Professional Liability insurance.

1. What is Professional Liability insurance?

This may seem basic, but if you’re just starting a professional career, you might be unfamiliar with this form of business insurance coverage.

Also known as Errors and Omissions (E&O) insurance, Professional Liability protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

2. What does Professional Liability insurance cover?

Professional Liability insurance covers many types of claims including:

  • Errors
  • Omissions
  • Mistakes
  • Negligence
  • Breach of contract
  • Undelivered services
  • Missed deadlines

If a client makes a claim against you that references one of the above events, your Professional Liability policy will help you defend yourself. This may include paying attorney’s fees, covering court costs, and paying any settlements or judgements you are ordered to pay.

Importantly, Professional Liability insurance protects you whether a claim is true or not. A baseless claim made by a client can be just as expensive to clear up as one where you are at fault. Your insurance policy will help you defend your professional reputation in court, regardless of whether the lawsuit has merit or not.

3. Is Professional Liability insurance required by law?

In some cases, you may be legally required to have a Professional Liability insurance policy. Some states require members of certain professions to hold minimum amounts of coverage to do business. Additionally, some professional associations may also set minimum coverage limits for their members.

Regardless of whether you are required by law to have Professional Liability insurance, your clients may still expect you to have a policy. Clients want to know that they are working with an individual who will act professionally and ethically. Professional Liability insurance lets clients know that you value your work and professional reputation enough to protect it.

Clients also want peace of mind that should something go wrong, you will be able to compensate them for any financial loss they experience. Professional Liability insurance can help provide this sense of security for your clients, but also for yourself.

4. Is Professional Liability insurance the only coverage I need?

While a Professional Liability policy can provide you with important protections, it may not be the only type of insurance that you need. Your small business may face a number of other common risks that require other forms of coverage, including:

  • General LiabilityThis type of insurance protects businesses against the risk of customer injury and property damage.
  • Business Owner’s Policy This is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.
  • Workers’ CompensationThis form of insurance provides protection for employers if an employee suffers a work-related illness or injury.

5. Where can I find Professional Liability insurance that fits my needs?

Every small business is unique, but finding Professional Liability insurance to fit your needs doesn’t have to be difficult. BizInsure has simplified the process of finding insurance, so you can focus on running and growing your small business.

Our process is simple: complete a short application (usually 10 questions or less), compare quotes from top-tier insurers, and purchase a policy. The process is quick and easy—around 10 minutes from start to finish, and you receive your policy confirmation instantly!

BizInsure uses technology to bring small business owners like you competitive pricing, but we also provide a human touch. Our licensed agents can help you at any stage of your insurance journey—from buying a new policy to renewals.

If you’re ready to find Professional Liability insurance to suit your small business, visit our website to get started.

[sc_fs_faq html=”false” headline=”h2″ img=”” question=”Where can I find Professional Liability insurance that fits my needs?” img_alt=”” css_class=””] Every small business is unique, but finding Professional Liability insurance to fit your needs doesn’t have to be difficult. BizInsure has simplified the process of finding insurance, so you can focus on running and growing your small business. [/sc_fs_faq]

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23:13 09 Mar 21
Mr. Daniel Scott was very responsive to my professional needs.
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Eugene deserves a raise! First time purchasing insurance and he made the process so simple for me. His patience and attention to detail left me feeling confident in my decision to choose BizInsure. Gracias Eugene!
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23:32 17 Feb 21
The customer service provided by Jose was outstanding. He explained everything in a very clear/logical way and answered all of my questions. After providing all the information to obtain general liability insurance, Jose sent me the declaration page of the insurance for review. All of the information matched what I provided over the phone and there were no typos. The next day I called back to purchase the insurance which was easy and fast. Overall, my experience with BizInsure including the customer service by Jose exceeded my expectations.
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Hiscox/BizInsure made getting Liability Insurance very easy and reasonable.I expected it to be a long and complicated process and it was a nice surprise that they made it so uncomplicated. Thank you. Lisa
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Very happy to be insured with this company. Professional, Timely, very helpful. Thank you Juan, you made it so much easier for me to understand.
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This company responded when I needed them to respond while facing a deadline. They are an excellent choice for business Insurance.
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00:47 26 Aug 20
I was in need of professional liability insurance for my sole proprietorship. A friend referred me. Everythng was quick and simple and AFFORDABLE!
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Great service insurance prices are great for professionals looking to get insurance for businesses....
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22:34 22 Jun 20
The provided very professional service and made the process easy.
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21:51 04 Jun 20
Bradley Hoyle from the Biz Insure team was excellent to work with. Everything was quick and smooth. Great service, much appreciated!
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02:03 04 Jun 20
Anthony Spencer was great!! Very quick response time!! He was very Professional! I would suggest him because he helped me find a affordable rate and explained all the technicalities..
Fre H.
16:38 28 May 20
I was referred to Bizinsure by a industry trade group that I am a member of. It was easy to get a quote online and then received excellent customer service from Bradley H. to complete my policy purchase over the phone. I have shared this company information now with other business owners for their policy needs.
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22:11 08 May 20
This company was very precise with explaining services and made sure I chose the right business insurance coverage, great customer service at purchasing.
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14:31 02 Dec 19
Trish is the most patient, professional and understanding insurance agent I’ve ever worked with. Trish has taken care of all my business insurance needs for the last couple years. I am really happy that I found an insurance agent that I know will take care of me & all of my concerns. I feel like a valued customer & I appreciate the great customer service that I get every time!!THANK YOU!
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17:21 14 Nov 18
Tricia helped me get insurance for my business. The task of obtaining a quote was really starting to frustrate me until I was referred to BizInsure through a different agency. Tricia got me a quote fast, and even took a down payment over the phone and issued the proof of insurance the same day. a+ service, would do it again in a heartbeat!! Thank you!!
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BizInsure was a great find! I did not have to fill out applications, and Tricia was able to quote and bind business insurance for me within half an hour.
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Started doing business again and needed a policy fast. Ramez was reasonable, helpful and the rates are OK. Buyer beware? Sure, for me it turned out OK this time. Worth a call.
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Great customer service. I've been very inpressed with my dedicated representative that had helped me navegate my insurence needs. Thanks so much!
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