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Professional Liability Insurance | Free Quotes

Professional Liability Insurance

EasyCover Insurance Helps Protect Professionals with Comprehensive Liability Insurance.

Errors and omissions insurance, more commonly known as professional liability insurance, is needed by professionals as an added layer of protection. This specialized coverage is designed to protect businesses against claims that may arise as a result of alleged negligence, omitted information, or an error in providing a promised professional service or advice.

Professional liability insurance may benefit you if you operate as a counsellor, engineer, consultant, or work in any industry where your business is based off of your services and advice.

Your business is likely required to carry commercial general liability insurance as a baseline, but if it provides a professional service or advice, then it needs extended coverage to be fully protected.

If you operate as a professional offering a particular service or advice and don’t have professional liability insurance, you could be left vulnerable.  Find E & O Insurance now by EasyCover

FAQs for Professional Liability Insurance

Professional liability insurance is purchased by professionals to help protect their livelihoods. Even if it isn’t founded on anything concrete, a claim can knock your business out tens of thousands – if not hundreds of thousands of dollars – and you could be left exposed without adequate coverage.

Here are some frequently asked questions regarding professional liability insurance.

How much does professional liability insurance cost?

The cost depends on your risk factor, which is impacted by your industry, the number of clients you serve, how likely your industry is to face a lawsuit (and how expensive those lawsuits may be on average), and so on. As you may expect, there’s a ton of variability.

Here are some of the factors that may impact your premiums:

  • Industry
  • How likely you are to face a lawsuit
  • Your coverage history
  • Your business experience and history
  • Size of business
  • Number of clients
  • Staff team
  • The service/advice your business provides

How much professional liability insurance do I need for my business?

Underinsurance and over insurance can result in financial loss, so you may also want to ask yourself these questions:

  • How much can my business afford to pay if I’m faced with a lawsuit?
  • How expensive are the lawsuits my industry faces on average?
  • How common are claims in my industry?
  • What could potentially cause advertising injury to someone?
  • How much can my business afford to pay for insurance?

If you are still unclear, you can discuss with Easycover  professional liability insurance brokers when you need an expert hand.

Is it required to have professional liability insurance?

Not always, but there are some extenuating circumstances with particular industries where professional liability insurance can be a huge aid. It is imperative to your operations if you are providing advice or services because it can offset the cost of damages and also cover defence costs. Even if you do not believe you have done anything wrong, you could still face a lawsuit.

In addition, some clients will refuse to work with businesses that cannot provide proof of professional liability insurance coverage, whether or not it is mandatory in their industry.

The bottom line? If you’re a professional service, you’ll need insurance.

What does professional liability insurance do to protect my business ?

Having professional liability insurance is one of the best possible means to protect your business against accidental injury, financial loss, reputational harm, and more. Here are some common scenarios where having professional liability insurance can be a massive help.

  • As an HR representative, you forward an email to a third-party instead of the intended recipient. The third-party uses that information for malicious activities, and the recipient sues you for privacy breach.
  • You operate as a financial advisor. Your client claims you have provided misleading information or omitted information, resulting in their financial loss. They sue you for the consequential damages.

In any of the above situations, having professional liability insurance can help.

Where can I buy professional liability insurance?

Your best option to purchase professional liability insurance. Not only do we offer the option to purchase on the spot, but everything we do is entirely digital – so you don’t even have to leave your home or office. You can go about the process alone with our short questionnaire to guide you, or you can seek out the help of Easycover Insurance an  expert professional liability insurance brokers. No matter what you choose, we are dedicated to helping you find comprehensive coverage for less.

 

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