Professional Liability Insurance
in New York

  • 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 2022 in New York, there were 2.3 million small businesses. They make up 99.8% of all New York businesses. These small businesses are a major factor in the state’s economic growth. They have added nearly 659,369 new jobs to the state’s economy.

Top five industries for small businesses in New York include:

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

As NY’s booming economy continues to grow, small businesses will start to consider having a safety net to ensure that their business to be protected. One method businesses may use to safeguard their investmentsis with Professional Liability insurance.

What is Professional Liability insurance?

Professional Liability insurance protects you from claims raised due to unintentional mistakes made in the professional capacity.

What does Professional Liability insurance cover?

Even if the claim isn’t valid, legal costs and court costs can easily reach the thousands. For small-sized business owners, the financial burden could also impact their operations. The reality is, liability claims could lead to bankruptcy, or even the closing of a company in extreme instances.

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 – Hiring an experienced legal professional can be costly. In reality, the majority of lawyers charge an hourly rate.
  • Court Expenses – Including filing documentation with the court, underwriting fees, administrative costs, and other related expenses.
  • Settlements It is possible to avoid drawn out litigation. But, based on your attorney’s advice, you will still need to pay.
  • Judgments If your case is decided in favor of the plaintiff at trial, you will be required to pay the amount deemed by the court.

Importantly, Professional Liability insurance in New York covers you even if you’re not the one to blame. Baseless claims may be just as costly to settle as claims that are legitimate. It is possible to protect your company and professional reputation with a Professional Liability, with the policy there to assist with paying for the costs of settling these costs.

What is not covered?

It is important to be aware, however, that Professional Liability insurance will not protect against all risks. If you have events that aren’t covered by your insurance, you may need to look for alternative coverage options such as:

  • The commercial property you own or property
  • Property of a client, or another third party
  • Work-related injuries to workers and illness
  • Third party injuries on your premises
  • Business interruptions

BizInsure offers other types of coverage that can help safeguard your business against these and other common risks faced by small businesses. To protect your business from a variety of risks that could affect them, Small-business owners in The Empire State may be interested in General Liability and Workers’ Compensation.

Who might need Professional Liability insurance in New York?

Professional Liability insurance is usually applicable to individuals and businesses that provide professional services.
New York professionals may need insurance for liability. The professions covered by this insurance include, but are not limited:

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

As you can see, there are a variety of jobs and professions that can benefit from Professional Liability insurance. You may consider a policy to protect your business and yourself if your small business offers assistance or products, serves other’ interests, or engages other activities that make you liable to claims.

Professional Liability insurance requirements in New York

Some professional associations require that their members have a minimum level of Professional Liability coverage to be certified and employed in their field. You can learn more about Professional Liability insurance requirements on the websites of the professional associations to which you belong.

Clients might also require your business to have a Professional Liability insurance policy in place in order to collaborate with them. It is usually written into a business contract. There is a chance that you require evidence of insurance prior to you sign the contract or begin work on your project.

Although it’s not required, it may be considered wise to have Professional Liability coverage to protect your business for the long run. If you don’t have one, you could have to pay for any claims against your business. It could be financially disastrous for your personal savings as well as your business.

How much does Professional Liability insurance Cost in  New York?

Each policy is designed to cover a specific type of business. However, the average annual cost of Professional Liability insurance in New York for small-business is around $797.

Insurance companies use a variety of factors to help determine the amount you will regularly be charged to cover Professional Liability insurance (commonly called the “premium”). These are the elements that affect the price of the Professional Liability insurance premium:

  • The nature of your business and the degree of risk you face – Insurance is expensive regardless of risk.
  • The size of your business and the turnover – More work volume or bigger projects could increase the risk you face.
  • The people covered are a person’s capability or suitability for their duties. Additionally, any previous claims against that person.
  • Your industry
  • The history of your previous claims
  • The insurance coverage needed

Specialists in your field require specialized coverage to meet specific requirements and that’s where Professional Liability insurance can help.

Is Professional Liability included in E&O insurance?

Yes, Professional Liability insurance and Errors and Omissions insurance are the same. It will protect your company against claims of fraud or error, as well as negligence. The insurance may cover defense costs as well as damages or settlements resulting from a complaint.

Recommended reading: Professional Liability vs E&O insurance

How to obtain Professional Liability coverage for your New York business?

BizInsure helps you compare Professional Liability policies from most A-rated insurance carriers in the U.S. We can assist you in obtaining comprehensive protection at the lowest price.

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. © 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
Very satisfied with the online experience
Nicole h
1709238653
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.
1709226367
Love it
Hanna R.
1708272180
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
1708044666
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
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.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
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.
1706621476
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.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
1706126428
Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
1702775397
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.
1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
1702059151
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
js_loader
Google Rating
4.7
Based on 244 reviews
×
js_loader