To apply for professional liability insurance, you’ll need to provide basic information about your business, operations, and revenue.
It can take less than 15 minutes to apply for professional liability insurance quotes with Insureon when you have the right information at hand. To speed up the application process, have the following information ready.
The online professional liability insurance application is fairly straightforward, but there are a few things to keep in mind while you apply for coverage.
After you complete your professional liability insurance application, you’ll receive the following documents:
Insurance quotes. Quotes are estimates of how much your insurance premiums will cost each year and the dollar amount of coverage the insurance company offers. A quote also summarizes the type of coverage your policy offers and its endorsements (add-on coverages that aren’t part of the standard policy form).
The insurance policy. An insurance policy is a 50- to 100-page document that defines what your insurance company will pay for. Your policy sets the coverage limits, deductible, premium, and other insurance details.
Certificate of liability insurance. An insurance certificate is your proof of insurance. It summarizes your policy’s coverage and other key details, including your insurance provider and the policy term. Clients and landlords may require this certificate before you sign a contract or lease. Sometimes they need to file a copy of your certificate with their own insurance providers.
Insurers calculate different insurance quotes based on the information you provide in the application. Several factors impact the cost of professional liability insurance for your business. For example, businesses with complicated corporate entanglements and strict contractual obligations have more business liabilities and will likely pay higher premiums than a similar business in a less complex position.
Because professional liability policies are customized to your liabilities and vary from insurer to insurer, it's important to note the differences between your insurance quotes – beyond just the price tag.
The following features can influence the cost of your premiums and the extent of your coverage:
A professional liability insurance policy carefully defines the legal obligations between you and your insurer. At its most basic level, the policy states that you'll pay your premiums for certain coverages. But there's so much more:
Declarations at the beginning of the policy state the essential details, such as your premium, coverage levels, policy limits, and the identifying information for you and your insurer.
The insuring agreement states in legal detail exactly what your policy covers, how costs are assessed against your policy limits, and other important details.
Conditions specify your duties to the insurer, such as when you need to communicate with the insurer if a claim is made against your business.
Endorsements can add or exclude coverage types, change clauses in your insuring agreement, or redefine key terms used throughout the policy.
A certificate of liability insurance is the document you receive after your policy is approved. It acts as proof of your professional liability insurance coverage.
Unlike your insurance policy itself, the certificate of liability insurance is not a legal document. But it is an important piece of paper that helps your business in a few ways.
It saves you time. You can quickly access the essential details about your insurance coverage on one page. You'll know how to contact your insurers, which insurers provide which coverage, your deductibles, and the policy limits.
It demonstrates your coverage to clients or business partners. As your business grows, you will encounter more and more potential clients that won't do business with you unless your work is insured against professional errors. A certificate of liability insurance is the standard proof of coverage.
It helps you keep clients in the loop. By listing clients or other interested parties as "certificate holders," you guarantee that they get updated information about your insured status. If something changes in your policy, your insurer informs them of the changes.
Complete Insureon's easy online application today to compare professional liability insurance quotes from top-rated U.S. companies. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.