Professional Liability Insurance
Financial protection for claims alleging negligence or failure to deliver a service as promised.
Protect your practice with Professional Liability Insurance.
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What does Professional Liability Insurance cover?
Professional Liability Insurance protects professionals from client claims alleging financial loss due to a product or service you provided, as well as claims alleging negligence, misconduct, and failure to deliver services as promised.
Professional Liability Insurance typically includes coverage for legal costs and damages related to the following coverage areas:
- Professional Services: Negligence or errors related to your services, or failure to deliver a service as promised.
- Products: Failure of your product (e.g., it didn’t work as intended) or a physical injury (e.g., overheating device causing a burn).
- Media and Advertising: Media services resulting in your client getting sued for defamation, libel, or slander.
Professional Liability Insurance typically does not provide coverage for:
- Criminal, dishonest, or fraudulent acts (you need Crime Insurance);
- Violation of securities acts;
- Cost guarantees or price estimates; or,
- Incorrect estimates of profits or economic returns.
Who needs Professional Liability Insurance?
Depending on the profession, it may be referred to as Errors and Omissions Insurance or Medical Malpractice Insurance. For some professions, carrying Professional Liability Insurance is required to practice.
You need Professional Liability Insurance if:
- You provide advice or offer services in exchange for a fee.
- You provide or develop products or
devices.
What is the cost of Professional Liability Insurance?
For a basic Professional Liability Insurance policy with a limit of $100,0000, you can anticipate spending approximately $250 annually.
The cost of your policy will depends on several factors, such as:
- Industry and Services Offered
- Years of Experience
- Number of Employees
- Annual and Projected Revenue
Getting insured is quick and easy!
If professional liability insurance is what you need, request a free quote now
Common scenarios where Professional Liability Insurance is useful
Problem: The code you wrote for a client resulted in their website going down at a critical time.
Outcome: Your client successfully sues you for the sales they lost as a result of the website being down. Your Professional Liability Insurance covers the legal expenses and payout, totaling $78,000.
Problem: You are an accountant and you accidentally make an administrative error, which results in your client owing a large amount of money in taxes.
Outcome: Your client sues you for negligence. Your Professional Liability Insurance covers the legal expenses and monetary judgment, totaling $89,000.
Problem: You suggest a communications strategy to your client that promises a large return on investment. Unfortunately the client follows your recommendation but does not see the savings you promise.
Outcome: They successfully sue you for the financial loss. Your Professional Liability Insurance covers the payout and legal expenses, totaling $190,000.
Which professions require Professional Liability Insurance?
Regardless of the type of professional services business you run, professional liability insurance is critical:
Accountants
Accounting Firm
Actuaries
Advertising
Aerial and ground based Photographers / Videographers
Alternative Energy
Architects & Engineers
Appraisers
Bookkeepers
Broadcasters
Building Designers (Bill 124)
Business Consultant
Chiropodists
Civil engineers
Collection Agencies
Consultants
Chiropractors
Design Firms
Directors and Officers
Employment Agencies/Recruiters
Engineers
Environmental Engineers
Energy Audits & Assessments
Financial Advisors
Financial Planners
Foreign Legal Consultants
Holistic Professional
Hotel Consultant
Home Inspectors
Human Resources (HR) Consultant
Immigration Consultants
Information Technology & Computer Consultants
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Independent Contractor
Product Designers
Professionals Liability
Lawyer’s Excess Professional Liability
Management Consultants
Medical Related
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Multimedia designers
Mortgage Brokers
Naturopaths
Occupational Health and Safety Consultants
Quality Control Consultants
Placement Agencies
Podiatrists
Process Servers
Private Investigators
Project Managers
Property Managers
Paralegals
Publishers and Printers
Recruitment and Employment Agency
Recruitment Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Staffing Agencies
Structural Engineers
Sub Contractor
Surveyors
Therapist Professionals
Training Providers/Trainers
Travel Agencies
Travel Agents, Tour operators
Web-Site Designers
Web Developers
Workplace Engineers & Consultants
Frequently Asked Questions about Professional Liability Insurance
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The Zensurance team was responsive, professional, and knowledgeable. Zensurance knew exactly what we were asking for after a few minutes on the phone. I would highly recommend them for liability insurance especially if you’re not sure what you need to protect your business.
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