Professional Liability Insurance
Confidence for the work you do. Professional liability insurance helps protect your business from service-related claims and legal expenses.
Confidence for the work you do. Professional liability insurance helps protect your business from service-related claims and legal expenses.
Professional liability insurance (PLI), also called professional indemnity or errors & omissions insurance, helps protect small businesses from claims that come from things like mistakes, missed deadlines, or other slip-ups in the services they provide. So, if an error causes financial loss, harm, or reputational damage to a client, PLI could help cover the cost.
Think of professional liability insurance as one piece of your business protection puzzle. Pair it with other coverages like general liability or commercial property insurance, and you’ve got a strong safety net for your business.
If you offer professional advice or services, you should consider carrying professional liability insurance. It’s a great option for anyone whose work directly affects their clients, and where even a little mistake could lead to big headaches.
For example, you might need it if:
Doctors, consultants, lawyers, IT professionals, and real estate agents, to name a few, could all benefit from professional liability insurance. It’s an effective and reliable way to protect your work and reputation, so you can concentrate on doing what you do best without worrying about all those "what ifs".
Every business has unique needs, and the cost of professional liability insurance depends on several factors, including the size of your business, the type of work you do, and coverage limits. Whatever your situation, we’re ready to work with you to get the coverage you need at a price you can afford. Get professional liability insurance today and feel confident knowing you got the best customized coverage to fit your needs.
Some industries and contracts require it, but even if it’s not required, professional liability insurance is a smart move for many businesses. Mistakes happen, they’re part of life, and they can lead to hefty costs. The right coverage keeps your business protected from financial hits and legal fees, so you can stay focused on growing your business.
Common items covered by professional liability insurance are:
Services provided (or not provided) by your company that result in client damages.
Copyright law issues, mistakes, oversights, and misunderstandings.
Claims for libel or slander, whether they're true or not.
This protects current and previous work (for an agreed length of time). Considering this timeframe is critical, as anything outside it is not covered.
Legal defense costs associated with lawsuits against your company (regardless of fault).
Work performed by your employees, including temporary staff and independent contractors.
Many types of businesses can benefit from professional liability insurance. Here’s some real-life examples of when it might apply:
Also, keep in mind that coverage is typically provided on a claims-made basis, which means the claim must be made and reported during the active policy period. It usually only applies to incidents that occurred on or after a specific “retroactive date” listed in your policy. Many people pair professional liability insurance with general liability insurance for more complete coverage.
Whether you own a small business, a growing one, a large company, or you're starting a new business, we can help you save on your professional liability insurance. Business examples include:
General liability insurance covers third-party injuries and property damage to a client’s property that could occur during regular business operations. In contrast, PLI covers errors and omissions, which are more abstract. Professional liability insurance may cover issues like failure to deliver, professional misconduct, breach of contract and more.
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This 2-in-1 policy includes general liability plus protection for your property.
Example: A fire damages your office. A BOP could cover repairs to your office and help pay your employees' wages while business is interrupted.
We often recommend general liability insurance to go with professional liability.
Example: A client slips, falls, and injures their back at your place of business. General liability could cover their medical bills.
A personal auto policy is not enough to cover vehicles used for business. Commercial auto insurance can:
Example: On a job site, a carpenter accidentally backs into the homeowner's car. Commercial auto insurance could cover the damage.
Protects businesses from losses from computer-related attacks, such as malware, phishing, ransomware, or stolen personal data.