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

Friendly and very fast service!
Patricia S.
Jennifer Whiscombe, is an amazing agent. She was very knowledgeable, thorough and friendly. I highly recommend.
Ebony D.
They make it very easy to buy insurance and renew.
Bill N.
As a business owner I love not wasting time. Thank you so much for giving me more time
mario S.
Very straight forward, the cost of coverage amount made sense, simplicity was appreciated.
Jean H.
Always easy. Thank you.
Dave C.
A Company that is easy to deal with and that I have used for several years. I appreciate the continued support.
Sam M.
Very easy and affordable!
Volanda H.
Very easy to work with, cost effective, prompt renewal and easy to get certificates of insurance instantly. I use them exclusively for my professional and general liability insurance needs as a consultant.
Larry (.
Responsive and professionalCompetitive price. I highly recommend Bizlnsure as an insurance provider
Zynab B.
Your service is easy to renew as needed and your company informs the client in advance for renewal.
Henry B.
It has been a pleasure doing business with Biz Insure Llc.Their representatives are very courteous, helpful and customer service oriented.
Shonta I.
Quick and easy....
Tammy K.
I follow the instructions & would prefer to paid every month. I did not have the options to pay every month.
Alamo H.
Thank you, Amy, for making my experience enjoyable and funny. Thank you so much for your kindness!!!
George J.
I'm pleased with the business quote I received from Bizinsure LLC. Thank You!
Shanda J.
Very satisfied with the online experience
Nicole h
Been a happy customer for years! Easiest company to receive a quote and get insured. No hassles! Easy payment! Finance plans, if needed!
jodi H.
Love it
Hanna R.
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
Very easy to sign up for insurance.
Great company
Brown G.
Fast and efficient!
Kim C.
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
Great company for.your low cost business insurance needs.
constantin T.
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
Complete C.
Super easy process.
Ashley G.
It’s very easy to understand and at a very reasonable price.
Mary M.
Professionalism, Quality, Responsive and budget friendly
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
Google Rating
Based on 262 reviews