Professional Services Business Insurance
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Common insurance policies for professional service businesses
From a public speaker accused of slander to a career coach sued for negligence, a lawsuit can devastate a small business. Insureon has helped professional services business owners secure over 3,000 policies.
Business owner’s policy
A BOP is a type of professional services insurance that bundles general liability and property insurance at a lower rate than if the policies were purchased separately.
- Customer injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
This policy is also called errors and omissions insurance. It covers legal expenses if a public speaker or other professional is sued for unsatisfactory work or a mistake.
- Professional mistakes
- Accusations of negligence
- Failure to deliver promised services
Workers’ compensation insurance
Workers’ compensation insurance is required in almost every state for professional service businesses that have employees. It can cover medical costs for work-related injuries.
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
General liability insurance
This policy covers basic business risks, such as client property damage and injuries. Bundle with property insurance for savings in a business owner’s policy.
- Customer injuries
- Customer property damage
- Libel and slander lawsuits
How much does insurance cost for professional service businesses?
Several factors will have an impact on insurance costs, including:
- Professional services offered
- Business equipment and property
- Revenue
- Location
- Number of employees
