Professional Liability Insurance

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According to U.S. Small Business Administration (SBA), Office of Advocacy in Illinois, there were 1.2 million small businesses as of 2022. They comprise 99.6% of the total Illinois business. Small businesses have contributed just under 445,975 new jobs to the state’s economy. This makes them an important factor in economic growth.

Illinois’ top five industries are:

  1. Social Assistance and Health Care
  2. Accommodation and Food Services
  3. Construction
  4. Professional, Scientific and Technical Services
  5. Retail

As The Prairie State expands, more small businesses begin to profit from the booming economy. Many may require insurance to ensure their business is secure. Professional Liability insurance in Illinois is one of the ways businesses can help safeguard what they are creating.

What is Professional Liability insurance?

Clients are more difficult to please due to growing competition for products and services. Regardless of how meticulous you are in the execution of your task, even small errors can snowball into an issue and eventually a claim. Each time you offer clients advice or accept work with them, you inadvertently expose yourself to liability, too.

This is where Professional Liability insurance could help.

A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

What does Professional Liability insurance cover?

Even if a case appears unfounded, legal fees and court costs could add up to thousands of Dollars. Owners of small businesses may feel the financial burden on their business. In addition, business closures and bankruptcy can result from claims for liability.

You can save up to depending on the kind of insurance you choose and the amount of coverage in your contract. Professional Liability insurance may be a good option.

  • Legal Costs – Securing competent legal representation isn’t inexpensive, and most lawyers charge an hourly rate.
  • Costs for Court – This covers filing documents with the court, underwriting fees, administrative costs, and other expenses related to it.
  • Settlements – If your client is willing to settle outside of court, you could be saved from a long-drawn-out legal process, however you will nevertheless have to pay a fee based on your attorney’s advice.
  • Judgments – On the other hand should your case go to trial and is found in favor of the plaintiff, you’ll be required to pay the amount as determined by the court.

Importantly, Professional Liability insurance in Illinois will cover you even if not the one to blame. Baseless claims could be as costly to settle as legitimate ones. Professional Liability insurance will aid in protecting your business’s reputation and pay the above to ensure that you don’t end up totally out of pocket.

What isn’t included in the policy?

Professional Liability insurance protects companies from the most common risks. It is crucial to realize that this insurance does not cover everything. Other forms of coverage might be required in specific events.

  • Property or commercial premises damaged
  • Property belonging to the client or a third party is at risk
  • Work-related illness or injury for employees
  • Your premises may be the target of third party injuries
  • Business interruptions

BizInsure provides other forms of insurance that could help shield your business against the risks faced by small businesses. Illinois small business owners may want to consider General Liability, Workers’ Compensation or a Business Owner’s Policy to protect themselves against a broad variety of potential risks.

Who might need Professional Liability insurance in Illinois?

Professional Liability insurance protects companies and individuals who provide professional services. This includes designing solutions, providing assistance to clients, providing informed recommendations, or defending the interests of other people.
Professional Liability insurance is a requirement for the following professions:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 

As you can see, there are many occupations and professions that could benefit from the benefits of Professional Liability policy. It is possible to think about a policy to safeguard your company and yourself in the event that your small business offers assistance or products, serves other’ interests, or engages other activities that could make you liable to claims.

Is Professional Liability Insurance mandatory for Illinois businesses?

Some professional associations require their members to carry the minimum amount of insurance coverage for Professionals to obtain licensure or to work in the area. Find out more information about Professional Liability insurance requirements on the website for the professional associations to which to which you are a member.

It is possible that you may need to carry Professional Liability insurance if you work with clients. It is usually written into a business contract. It is possible that you may need to produce proof of insurance before you sign the contract, or start work on your project.

Even though you are not legally required to do so, it may be prudent to have a Professional Liability insurance policy. Without it, you may likely need to pay any liability claims from your own pocket and this could be financially damaging to your business and personal savings too.

How much does Professional Liability insurance cost in Illinois

Every Professional Liability policy is designed to cover a specific kind of business. The average cost of Professional Liability for a small businesses in Illinois is $644 per year.

The amount you have to pay monthly to purchase Professional Liability insurance (commonly called the “premium”) is determined by insurance companies using a number of variables. Some factors that will determine the cost of the Professional Liability insurance premium include:

  • The nature and the risk of your company – Just like any other type of insurance, the higher risk the company is, the more expensive it will cost to cover the risk.
  • The size and turnover your company’s turnover and size. Larger projects, or greater volume of work, can increase your risk.
  • The person’s qualifications or capacity to fulfill their duties, and any prior claims that may be brought against them
  • The field that you are in
  • Your claims history from the past
  • The coverage required by insurance

As a specialist in your field, you’ll require unique coverage that is designed to meet specific challenges in your profession. Professional Liability insurance could give you that invaluable security you require.

Is Professional Liability the same as Errors & Omissions coverage?

Errors and Omissions insurance is same as Professional Liability insurance. It can cover against claims arising from mistakes or misrepresentations. The insurance could pay for defense costs, as also settlements or damages arising from a lawsuit.

Recommended reading: Errors and Omissions vs. Professional Liability insurance

How to get Professional Liability coverage for Illinois business?

BizInsure makes it simple to compare Professional Liability policies from the top-rated U.S. insurance companies and find comprehensive protection for your small business at a reasonable cost.

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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