How to Get Professional Liability Insurance Quotes for Small Businesses
Getting professional liability insurance
for your small business isn’t hard. You can get a professional liability insurance quote today from the comfort of your home or office. As a small business owner, this type of business insurance may be important to have.
If your small business provides services for clients, chances are you’re always working hard to make sure everything is perfect. But, no matter how careful you try to be, mistakes can happen. If a mistake impacts your clients financially, they can sue you.
Professional liability insurance helps protect your business from claims that you made a mistake in the professional services you provided.
What Is Covered Under Professional Liability Insurance?
Every business owner strives to have excellent customer service. No business is immune to making a mistake, though. That’s why businesses of all sizes can benefit from professional liability insurance.
Professional liability insurance, or errors and omissions (E&O) insurance, helps cover claims of negligence, errors or omissions. It can help you if a client sues your:
Accounting business for making a mistake while filing their tax returns, causing them to pay a penalty.
Firm because your real estate agents didn’t disclose structural damage that they knew about.
Advertising company because they believe your ad campaign caused a decline in sales.
Be aware that your clients can sue you even if you didn’t actually make a mistake. If they claim you did, they can file a lawsuit. That’s why professional liability insurance is important to have for your business’ financial protection.
Liability claims that say your business caused bodily injury or property damage to someone else’s belongings aren’t covered by this policy. Instead, you’ll need to have general liability insurance
to cover these kinds of claims.
What Businesses Should Get a Professional Liability Insurance Quote?
If your business provides a service to clients, professional liability insurance is a good idea to have. Some businesses that may need professional liability insurance include:
What Factors Affect a Professional Liability Insurance Quote?
There isn’t a one-size-fits-all policy when it comes to professional liability insurance. Different factors can impact business insurance costs, like:
Types of business
Years of operation
Retroactive Time Frames
Insurance companies write professional liability policies on a claims-made basis with a retroactive date. This means that your policy can only help cover claims for incidents that occur after a certain date. You’ll want to consider the retroactive timeframe for your policy carefully because choosing an earlier retroactive date can affect your cost. Typically, the further back the retroactive time frame, the more coverage and the higher the cost.
Get a Free Professional Liability Insurance Quote From The Hartford
It’s not always easy to estimate professional liability insurance costs
because of the unique risks and challenges your business faces. Your best option is to get a small business insurance quote from an experienced insurance company.
We have over 200 years of experience and have helped over 1 million small business owners in many industries
. And we can do the same for you. Our specialists are here to help you get the coverages you need for your business. Whether you need an errors or omissions insurance quote or help filing a claim, we’ve got your back.