Professional Liability Insurance
Professional Liability Insurance Quotes
Sometimes referred to as Errors and Omissions or E&O.
Insuremart recommends Professional Liability Insurance to all businesses and professionals. From one-man operations to corporations. That’s because it’s normal for people to make errors and omissions, and those can lead to messy (aka costly) lawsuits. The good news is E&O doesn’t carry a heavy premium for most buyers, and the cost to benefit ratio is in your favor.
Does your current E&O cover past errors and omissions? It’s called Prior Acts Coverage and does exactly as its title suggests. Claims-made policies include coverage, but Occurrence Policies would need it added as an endorsement. Like other commercial coverage, it’s important to work with a quality agent who understands insurance and has access to lots of markets. We encourage you to contact an agent at Insuremart.
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Incorrect words to incomplete information. People make mistakes. Professional Liability (E&O) is a must have.
What are the primary protections?
- Claims of Negligence, Inaccuracy, or Misrepresentation: This is the core of primary liability coverage.
- Defense Costs: E&O helps cover attorney and court costs.
- Judgments or Settlements: If you’re found liable, E&O can help pay damages up to your E&O limits.
What are typical limits and premiums?
Good to know: Insuremart works with over 100 insurance carriers. Nothing gives you an advantage when buying Professional Liability insurance — or any insurance — like a great agent and more options. Talk to our agents.
Coverage limits are based on risk and what insurance companies offer. Range will be between $1M and $5M.
Premiums depend on risk factors related to your profession, business size, revenue, and location. From an independent dog groomer paying $500-$1,000 per year to corporations paying over $5,000.
Add Protection by including endorsements.
- Prior Acts Coverage: Protects you from past work, even from a previous employer or business venture. Claims-made policies typically include prior acts coverage, while occurrence policies may require it to be added as an endorsement.
- Regulatory Coverage: A must-have if your profession has strict licensing requirements.
- Cyber Liability: Coverage for cyber extortion and lost or damaged data due to attacks.
Get a Professional Liability insurance quote from Insuremart right now. Our agents are ready to help.