Also known as errors & omissions insurance (E&O), professional liability insurance may save you time and money if you are involved in a claim. But even more than that, it could help you sleep better at night knowing that your business could make a mistake and still come out unscathed.

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ERRORS & OMISSIONS INSURANCE

HAVE PEACE OF MIND

SAFEGUARD YOUR LIVELIHOOD

You put a lot of work into launching and growing your business, and that’s why it’s important to protect it. Mistakes happen, and sometimes, even when they don’t, clients can be frustrated about a loss and point their fingers at you. If you find yourself on the wrong side of a lawsuit, professional liability insurance could be a lifesaver. It can help pay for court costs, attorney fees, settlements, and judgements.

Professional liability insurance helps protect your business by helping cover defense costs, settlement, and/or judgement if your business is sued by a client you advised or provided services for. Mistakes happen, and those mistakes by you or your employees can lead to an angry customer who files a lawsuit for a negligent act, error or omission. Sometimes, you may hear this insurance referred to as errors and omissions insurance.

In fact, even if you aren’t at fault, that doesn’t always stop an upset customer from filing a claim. It’s an inherent risk of owning a business, particularly if your profession can have a large impact on your customer’s bottom line.

In some professions, professional liability insurance truly is a must. And some states require such insurance in order to operate. The professions that should definitely consider purchasing professional liability insurance include:

  • Accountants
  • Business consultants
  • Financial planners
  • Interior designers
  • Artists, photographers, graphic designers, writers

Coverage for you or your business.

When you work for yourself – go Woligo.

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 (888) 633-5229

There’s no set amount for professional liability insurance, since it varies based on your specific business, as well as other factors like your location and business history. Here is a list of the factors that are taken into account in order to calculate the cost of professional liability insurance.

Type of business: Since some industries are at a higher risk of lawsuits, the nature of your work may influence your insurance premiums.

Location: If you’re located in a bigger city, your premium may be higher.

Business size: The more employees and clients you have, the more likely you are to have a negative experience with a client that ends with a lawsuit. This may cause the cost of your insurance to fluctuate.

History: Have you been involved with claims in the past? If so, your premium might be a little bit higher. The number of years your business has been running also has an influence.

Your coverage limits will also impact how much you can expect to pay for professional liability insurance.

If you’re interested in obtaining professional liability insurance for your business, we can help. Woligo is dedicated to connecting self-employed workers and independent contractors with the right insurance and benefits options for them.

Some businesses require independent contractors and consultants to have professional liability insurance in order to work with them, and they may even have provisions in their contract that state what the coverage limits should be.

But even if your clients aren’t requiring insurance, it’s a good idea. There may come a time when your clients aren’t happy with the results. If they believe that your advice led to damages or losses, they might file a claim against you — whether or not you are actually at fault. Professional liability insurance is designed to help cover the damages and the legal fees you may incur.

Call now: (888) 633-5229