Professional Liability Insurance
in New Jersey

  • Compare prices in minutes, with no obligation to purchase
  • Purchase online to instantly receive your coverage confirmation
  • Access only top-quality insurance companies (A-rated or better)

Get instant quotes

According to the U.S. Small Business Administration (SBA), Office of Advocacy in New Jersey, there were 953,416 small companies as of 2022. They comprise 99.6% of all The Lone Star State business. These small companies have created 361,423 new jobs to the state’s economy. This makes them a key driver for economic growth.

The top five industries in New Jersey for small businesses include:

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

As The Garden State expanding economy continues to grow. small-scale businesses may start to consider ways to protect their business for the long haul. One option is for businesses to look at Professional Liability insurance and how it can protect their business.

What is Professional Liability insurance?

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 in New Jersey?

Even if a case appears unfounded, legal fees and court costs could add up to thousands of dollars. For small entrepreneurs the financial burden can also impact their operations. In worst case scenarios a liability claim could lead to bankruptcy and even the closure of a business.

Depending on the type of coverage you choose, and the limit agreed in your insurance contract, Professional Liability insurance may protect your business from:

  • Legal fees – Finding a competent legal representation is not an easy task. Lawyers typically charge an hourly fee.
  • Court Expenses including filing documents with the court, underwriting charges, administrative costs, and any other costs.
  • Settlements – If your client agrees to settle outside of court, you may be able to avoid a lengthy legal process, however you will nevertheless have to pay a fee based on the advice of your attorney.
  • Judgments – However, if your case goes to trial and is found in favor of the plaintiff you will be required to settle the sum as determined by the judge.

Something important to take note of is that Professional Liability insurance covers the insured even if they aren’t the cause. Unsubstantiated claims are equally costly to settle as claims that have merit. It is possible to protect your company and professional reputation with a Professional Liability policy.

What isn’t covered?

Professional Liability insurance protects companies from the typical risk risks they could encounter. However, it does not cover every risk that your business may be exposed to. It may be wise to look for coverage that covers events in different ways, such as:

  • The commercial property you own or your property
  • Property of clients damaged or property of third party
  • Work-related injuries or illnesses of employees
  • There is a chance that you may suffer injuries to third parties on your premises
  • Business interruptions

BizInsure also offers coverage to help protect your business from the risks mentioned above and more. New Jersey small-scale business owners might be interested in General Liability, Workers’ Compensation or an Business Owner’s policy to protect themselves against a broad range of possible exposures.

Who may need Professional Liability insurance?

Professional Liability insurance protects individuals and businesses who offer professional services. This can include offering solutions, giving assistance to clients, providing informed recommendations, or defending the interests of other people.
Below is an example of some of the types of professions who may require Professional Liability insurance:

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

Take the time to consider a policy to protect yourself and your business if your company provides assistance or advice to other people as well as representing their interests, or engaging in other activities which could result in liability claims.

Do businesses require Professional Liability insurance in New Jersey?

Sometimes professional associations require members to carry minimum levels of insurance coverage in order to obtain licensure or to work in the area. The website for any professional organization you are a member of should provide more information about the Professional Liability insurance requirements, if any.

Some clients might also require Professional Liability insurance in order to collaborate with them. The insurance is usually included in a contract for business and sometimes proof of insurance may be required before you sign the contract.

A Professional Liability may provide peace of mind, even though you aren’t legally required to have one. Without it you may have to pay for any liability claims from your own pocket and this could be financially devastating to your business and personal savings too.

How much does Professional Liability insurance cost in New Jersey?

The cost of a Professional Liability insurance policy can differ greatly. Each policy is unique because they are designed to meet the requirements of small businesses. However, the average cost of Professional Liability policy in New Jersey is approximately $730 per year.

Many elements are utilized by insurance firms to decide how much you will be charged each month for Professional Liability insurance (commonly known as “the “premium”). These are some of the elements that impact the price of Professional Liability insurance premiums.

  • The nature of your business and the amount of risk you face – Insurance is expensive regardless of the risk.
  • The size of your business and the turnover or larger projects can increase your risk exposure.
  • The individuals who are covered – The person’s abilities and qualifications to carry out their duties. If any allegations have been filed against the person in the past.
  • Your business
  • Your past claims history
  • The amount of coverage that is legally required

Is E&O same as Professional Liability insurance?

Errors & Omissions insurance is the same as Professional Liability insurance. The insurance will protect your business from claims of negligence, misrepresentation or error. It could cover the costs of defense, as well as any settlements or damages that are due to the claim.

Continue reading: Professional Liability vs E&O insurance

How to get Professional Liability insurance in New Jersey?

BizInsure makes it easy to compare Professional Liability policies with A-rated U.S. insurance companies. You can get suitable protection for your small business.

© Copyright 2023 BizInsure LLC, 2015 ALL RIGHTS RESERVED BizInsure LLC; CA DBA: Simple, Smart, BizInsure Insurance Agency LLC; NY DBA: BizInsure Services LLC; NH DBA: Simple, Smart, BizInsure Insurance Agency; PA DBA: BizInsure Services LLC. 2950 Buskirk Ave Suite 300, Walnut Creek CA 94597. License #0H81929
This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
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.
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
Always and easy process. Thanks!
Gerald S.
Renewal was quick and easy online
Angelita K.
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.
Easy to submit an application and to get quotes
Simone S.
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.
advanced U.
Great service. Very professional and cordial. Thanks
Jeremiah U.
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.
Easy to navigate what you need. Always notify ahead of renewal!
Athena T.
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.
this is really easy
Riaz R.
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
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.
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.
Communication was excellent and the process was easy.
Jessie R.
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.
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.
Supreme A.
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.
very quick and prompt service.
Sally Jo W.
caleb was great in helping me navigate thecorrect liabilty insurance for my company
Lindsay Erin P.
Friendly fast service I recommend you to all vendors
Terry R.
Kemi S.
Great Customer service and easy renewal process!!!! I would refer this company to anyone.
Chris H.
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.
Good customer service indeed
Google Rating
Based on 214 reviews