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Professional liability insurance insights

Professional liability insurance insights

What is a Professional Liability Insurance?

Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses from financial losses resulting from claims of negligence or mistakes made in the course of providing professional services. This type of insurance can be a valuable asset for businesses of all sizes, but it is especially important for businesses that provide services that could potentially cause harm to others, such as doctors, lawyers, accountants, and engineers.

Who Needs Professional Liability Insurance?

Professional liability insurance is not legally required for all businesses, but it is a good idea for any business that provides professional services. Some industries that are especially likely to need professional liability insurance include:

  • Healthcare
  • Legal
  • Accounting
  • Financial
  • Engineering
  • Architecture
  • Consultants
  • Insurance
  • Technology
  • Education
  • Real estate

What Does Professional Liability Insurance Cover?

Professional liability insurance typically covers claims of negligence or mistakes that result in financial losses to clients or customers. This could include claims for:

  • Bodily injury
  • Property damage
  • Economic loss
  • Legal fees

In some cases, professional liability insurance may also cover claims for defamation, copyright infringement, and other types of professional misconduct.

How Much Does Professional Liability Insurance Cost?

The cost of professional liability insurance varies depending on a number of factors, including the size and type of business, the industry, and the level of coverage desired. In general, however, professional liability insurance is relatively affordable. For example, a small business with $1 million in liability coverage may pay around $1,000 per year for professional liability insurance.

How to Get Professional Liability Insurance

Professional liability insurance can be obtained through most insurance companies. When shopping for professional liability insurance, it is important to compare quotes from several different companies to find the best coverage at the best price. It is also important to read the policy carefully to understand the terms and conditions of coverage.

Get your Professional Liability Insurance or E&O quote today  at