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Professional liability insurance for professional services businesses

Professional liability insurance icon
Professional liability insurance

This policy, also known as errors and omissions insurance, protects businesses against client lawsuits claiming that work was unsatisfactory, negligent, late, or never completed.

Gain protection against professional errors

A simple mistake at your travel agency or medical billing company could result in a financial setback for one of your clients. To recoup losses, the client could decide to sue your company. Professional liability insurance can offer the coverage you need to keep your business going while addressing unexpected legal matters.

This policy provides liability coverage related to:

  • Work mistakes
  • Undelivered services
  • Professional negligence

What coverage can professional liability insurance provide for services businesses?

Work mistakes

From a notary public notarizing the wrong form to a medical billing company making a mathematical error, mistakes can happen in any professional services business. Even if you’re not at fault, being accused of a mistake can be costly. If a client claims your error caused financial damage, professional liability insurance can help cover legal defense fees and other costs stemming from a lawsuit.

Undelivered services

Delays or unfulfilled requirements can have a significant impact on your client’s bottom line. If a client takes a public speaker or an executive coach to court over a cancelled speech or coaching session, your professional liability insurance policy could help pay for the resulting legal fees, including settlements or judgments.

Professional negligence

Whether you’re a travel agent or a tutor, your clients often have high expectations. If a hotel booked by your agency doesn’t live up to expectations, or a student fails a test despite extensive tutoring, your business could be accused of negligence. When the quality of your service is challenged, professional liability insurance helps pay for the cost of lawsuits, including hiring an attorney.

Compare professional liability insurance quotes for professional services

Other important policies for professional services

While professional liability insurance helps pay for lawsuits arising from mistakes and oversights, it does not provide complete protection. Whether you specialize in law, recruitment, or tutoring, you should consider coverage for customer injuries, property damage, and your employees. Other professional service insurance policies to consider include:

General liability insurance: This policy can cover expenses related to customer injuries, such as an emergency room bill from a client tripping over a power cable in your law office.

Business owner's policy: This policy bundles general liability insurance with commercial property insurance, often at a lower premium than if the policies were purchased separately.

Workers’ compensation insurance: Required in nearly every state for professional services businesses that have employees, workers’ comp can cover medical fees and lost wages for work-related injuries.

Cyber liability insurance: This form of professional services insurance helps businesses survive data breaches and cyberattacks by paying for recovery expenses and associated costs.

Get free quotes and compare policies with Insureon

Are you ready to safeguard your medical billing businessrecruitment company, or other professional services business with professional liability insurance or another type of coverage? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

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Topics
Professional liability insurance
Professional services
Travel agents
Medical billing services
Recruiters