Small Business Professional Liability Insurance

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What Is Professional Liability Insurance for Small Business?

Professional liability insurance is important for small businesses that provide a professional service. Every small business owner tries to run their company perfectly, but unfortunately, that’s impossible. If a mistake causes your customer or client financial damages, they can sue your business. Even if you didn’t make a mistake, your clients can still sue your business.
 
Small business professional liability insurance Small business professional liability insurance can help protect your business from lawsuits claiming:
 
  • Negligence
  • Misrepresentation
  • Inaccurate advice
  • Failure to protect personally identifiable information (PII)
This policy is also known as errors and omissions insurance or E&O insurance.
 
This type of coverage can help if:
 
  • An accounting firm files a client's tax return with an error. The client has to refile their return and pay a penalty.
  • A graphic design agency creates a new logo for a customer. The customer sues the business after launching the logo and seeing a drop in sales.
  • An interior designer uses different materials from the ones stated in a renovation contract. The client finds out and sues the agency.

What Is Covered by Small Business Professional Liability Insurance?

Lawsuits and liability claims can be costly. That's why professional liability insurance is important to have. Small business professional liability insurance can help protect your business and cover:
 
  • Defense costs, like attorney fees for your legal defense team.
  • Judgments or settlements, which can be very costly.
  • Lost earnings if you can’t operate your business because of time spent in a deposition or trial.
Professional liability insurance doesn’t cover all liability claims, like bodily injury. For example, let's say someone sues your business after a slip and fall in your store. Your professional liability insurance policy won't help. Instead, you'll need general liability insurance to cover this kind of claim.
 
It's a good idea to have other types of insurance to give your business well-rounded coverage.
 

How Much Does Professional Liability Insurance Cost for a Small Business?

Every small business is unique and faces different risks. So, professional liability insurance costs vary. An insurance company can use different factors to determine costs. This may include:
 
  • Business experience
  • Location
  • Employee size
  • Claims history
The best way to find out how much professional liability will cost your small business is to get a quote.
 
When you're ready to get a quote, make sure you have your documents ready. It's a good idea to have:
 
  • Documentation procedures
  • Quality control processes
  • Training initiatives for employees
  • Copies of contracts
  • Information on previous professional liability coverage

Who Needs Professional Liability Insurance for Small Business?

Small businesses that provide professional services or advice should have professional liability insurance. Be aware that some states require certain businesses to have professional liability insurance. So, be sure you understand what your state laws are so your business is compliant. Otherwise, you can face fines or penalties.
 
We can help many types of businesses. We offer:
 

Professional Liability Insurance Quotes for Small Businesses

Professional liability insurance quotes small business We’re an insurance company with over 200 years of experience. We know your small business faces unique risks and we offer coverages to help business owners like you deal with those challenges.
 
Our specialists are here to help you get the right coverage to help protect your business. Whether you’re looking for professional liability insurance quotes for small businesses or need help with a claim, we’ve got your back.
 
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
 
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
 
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In Arizona, New Hampshire, Washington and California, the insurance is underwritten by Hartford Accident and Indemnity Company, Hartford Casualty Insurance Company, Hartford Fire Insurance Company, Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Lloyd’s Insurance Company, Hartford Underwriters Insurance Company, Maxum Casualty Insurance Company, Maxum Indemnity Company, Navigators Insurance Company, Navigators Specialty Insurance Company, Pacific Insurance Company, Property and Casualty Insurance Company of Hartford, Sentinel Insurance Company, Ltd., Trumbull Insurance Company and Twin City Fire Insurance Company. The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Fire Insurance Company.
 
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.
 
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