What is Professional Liability insurance?
Professional liability insurance protects your company from civil lawsuits and negligence claims arising from professional mistakes, whether you made them or a client believes you did.
Many companies sell professional liability insurance as a stand-alone policy, while others sell it as part of an insurance package that also includes general liability insurance. One advantage of purchasing both policies at the same time is that you don't have to worry about whether something should be covered as part of your general liability insurance or as part of your professional liability insurance — you just get it covered.
Who needs Professional Liability insurance?
Most businesses require professional liability insurance because it protects them from unexpected expenses if they are accused of making a professional error.
Assume you are a plumber who is installing a sink. You drop your heavy wrench, scratching valuable antique furniture. The property damage would be covered by the majority of general liability policies.
Assume you install the sink without incident, but a month later the customer complains that you caused plumbing damage and they must replace all of their bathroom pipes. This is where professional liability comes into play.
Why is it important?
If a customer claims you made a mistake — whether true or not — professional liability insurance can help you move on quickly, avoiding customer confrontations and protecting your reputation.
If you are found to be at fault for a mistake, missed deadline, or professional negligence, StrongInsurance can assist you in covering expenses so that you do not have to pay for everything out of pocket. If you are falsely accused, your insurance may pay for your defense costs.
What does Professional Liability insurance cover?
Professional liability business insurance (also known as errors and omissions, or E&O, insurance) assists in the payment of lawsuit costs and damages if your company is accused of making work errors or completing incomplete projects that cause a client to lose money.
Professional liability insurance can assist in the payment of:
- Professional blunders (actual or alleged)
- Costs of legal defense
- Legal rulings
What is the cost of Professional Liability insurance?
The cost of professional liability insurance is determined by the type of work you do as well as a variety of other factors. With Strong, you can be confident that you're getting customized insurance at a reasonable price — all from an insurance company that is completely committed to you and your small business.
How do I get Professional Liability insurance?
You can buy professional liability insurance from StrongInsurance online and receive your certificate of insurance in 10 minutes or less.
Start an instant quote to see what options are available for your company. This is how the procedure works:
We'll ask you some basic questions about your company and operations, such as:
- Your line of work
- Where you conduct business
- How long have you owned the company
- Employees' number
- Annual revenue projections
- History of recent insurance and claims
Following the submission of your information, you will have immediate access to a customized insurance quote for professional liability and other recommended coverage.
If you like what you see, you can change the package limits and buy it. After payment, your insurance will begin immediately, and you will have access to your certificate of insurance.