What is Professional Liability insurance for consultants?

Professional Liability insurance is also known as Errors and Omissions (E&O) insurance is designed as a safeguard against the potential risk of clients disputing the professional delivery of your consulting work. A client may allege that you were professionally negligent, provided incorrect work or made mistakes, alleging you of failing to perform your professional duties.

This is where your Professional Liability insurance comes into play, saving you the cost of your attorney fees, settlement/judgment expenses, and other court costs up to the limit of your policy. Even if you are not found liable, your coverage will protect your finances by making sure you are not left with any out of pocket costs for defending your case.

As a consultant, Professional Liability insurance is an important measure for protecting your business in the long run. A client can potentially perceive the professional advice or services you render as unsatisfactory and file a lawsuit against you if they don’t receive the results they expected.

In addition to protecting your business, your client contracts may also stipulate that your business has Professional Liability insurance cover in place. If you were found liable for an error, your coverage delivers peace of mind for your clients, knowing that you have a plan to cover for potential financial losses that they may suffer because of your mistake.

Did you know a client could file a professional negligence lawsuit against your business months after you have completed your project? Your Professional Liability insurance will only cover for incidents that occur during the life of the policy, making it essential to ensure you have adequate cover before you begin working on contracts.

How much does Professional Liability Insurance cost for consultants

Professional Liability policy is a very specialized insurance product, tailored individually to each business. When it comes to calculating the cost of a Professional Liability insurance policy, a variety of factors are taken into consideration. Some of the main factors include:

  • The type of consulting work: Malpractice claims can pose more of risk within some industries, including the legal and financial industries. Consultants with a high risk of malpractice allegations may pay a higher premium compared to a consultant who may be exposed to a lower level of risk of a malpractice allegation occurring.
  • Level of experience: Consultants with an established and notable reputation without allegations of professional misconduct can expect to have lower premium costs than a consultant who is just starting out or who have had past claims.
  • Location: the location of where you work can affect your premium. If your location is prone to high claim rates or has a large population you may have a higher premium
  • Coverage limits: The amount of coverage can impact your premium, typically the higher the level of cover the higher the premium.
  • Number of employees: as your business grows with more employees, so does the growing potential for a claim to occur

Get instant quotes

bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
1701319042
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
Juliette S.
1699032636
Easy to submit an application and to get quotes
Simone S.
1698775217
I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
Marcia S.
1698407456
Excellent
advanced U.
1697824466
Great service. Very professional and cordial. Thanks
Jeremiah U.
1697064641
BizInure has been a great company for our insurance needs. I wish customers services was 24/7, that would make it a five stars
Novilette L. J.
1696828014
Easy to navigate what you need. Always notify ahead of renewal!
Athena T.
1696646371
This is the best company I have ever worked with. They are professional and get you exactly what you need. I highly recommend them!
Jim P.
1696451803
this is really easy
Riaz R.
1696428004
Andrea was very useful and professional. I will be recommending Biznsure to my friends that need business insurance. Keep up the good work. I wish the agency also offers auto insurance and whenever you do I will be one of the first to sign up as sign of my appreciation.Mike Okonkwo.
Mike O
1696282284
Kalab was excellent. Great, great Agent. Every step was organized and well planned. I WILL recommend your firm to anyone. Thank you...
Easy to renew Policy
Plain S.
1695644756
Great total experience. The agent was professional, knowledgeable,and a pleasure to work with. The fastest business insurance purchase I've ever experience. I highly recommend Bizinsure.
Tony W.
1695492357
Communication was excellent and the process was easy.
Jessie R.
1695153508
I have been using Bizinsure for several years and find the ease of renewing as well as generating additional insured certificates to be easy and useful, especially as a sole prop. thank you
Michelle C.
1695060008
Kaleb tailored the right coverage to our business. Customer service was good and gave great understanding of coverage. Thank you from Goleda's Gentle Homecare LLC
Aneesah M.
1695056651
A GOOD COMPANY FOR HEALTH CARE INC
Supreme A.
1694871640
Easiest & fastest online quote and purchasing experience out there. Inside of 10 minutes I had a quote, payment draft, and policy in force... and at the most competitive GL rates I found.
Rusty H.
1694699044
very quick and prompt service.
Sally Jo W.
1694180429
caleb was great in helping me navigate thecorrect liabilty insurance for my company
Lindsay Erin P.
1694135867
Friendly fast service I recommend you to all vendors
Terry R.
1694133043
Great
Kemi S.
1694119021
Great Customer service and easy renewal process!!!! I would refer this company to anyone.
Chris H.
1694038325
Great company easy to work with, Andrew was very helpful,you can call him any time he is ready to listen and help
Olu A.
1693959486
Good customer service indeed
BASSI T.
1693944217
js_loader
Google Rating
4.6
Based on 214 reviews
×
js_loader