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Professional liability insurance
Professional liability insurance
Professional liability insurance, also called errors and omissions insurance or E&O insurance, protects small businesses against the costs of client lawsuits over unsatisfactory work.
Why is professional liability insurance important for small businesses?
Professional liability insurance is designed for businesses that make a living off their expertise.
Even the most experienced and thorough professional service provider makes mistakes. Unfortunately, clients may not be so understanding if your error costs them considerable time or revenue.
Professional liability insurance helps protect you from lawsuits filed by unsatisfied clients.
For example, if you miss a project deadline, make an omission in your work, or provide ineffective business advice, your client may sue you.
If you’re served with this type of lawsuit, your professional liability insurance policy will cover legal defense costs up to your policy limit.
What does professional liability insurance cover?
When a dissatisfied client sues over a mistake made by your business, professional liability insurance can help cover the cost of legal defense, including the cost of hiring a lawyer.
Specifically, professional liability insurance will help provide coverage for:
Work mistakes and oversights
Sometimes a simple mistake can cause one of your clients to lose money. When a client sues over an error made by your business, professional liability insurance can help pay for your attorney’s fees, along with a settlement or court-ordered judgment.
Undelivered services
If your business promises to provide a service and fails to deliver, the client could choose to sue you. This may be even more likely if the client believes that your work negatively impacted their bottom line.
Accusations of negligence
When a client hires you based on your specialized skills, they are entitled to a reasonable standard of care. If your work fails to meet industry standards or causes financial damage to a customer, your business can be accused of professional negligence and could face a professional liability lawsuit.
Breach of contract
A client can accuse you of a breach of contract if they feel that you or your employees did not adequately meet the conditions of an agreement, which can potentially result in a lawsuit. E&O insurance will protect you if a client sues your business for a contract breach.
Missed deadlines
If you or an employee at your small business misses a deadline, it may have tremendous repercussions for your client. Professional liability provides protection for your small business if a client sues over late work.
How much does professional liability insurance cost?
The cost of professional liability insurance is, on average, $61 per month. 32% of Insureon’s small business customers pay less than $50 per month for their policy.
Your cost is based on a few factors, including:
- Industry and risks
- Coverage limits and deductible
- Business size
- Day-to-day operations
- Claims history
Who needs professional liability insurance?
Professional liability insurance, also called professional indemnity insurance, benefits a variety of industries that provide services directly to clients or customers, and some types of businesses are required to carry this coverage. It’s designed for both businesses and independent contractors that make a living off of their expertise.
A few specific professions need professional liability coverage more often than others, including:
IT and technology professionals
Tech professional liability coverage for IT and technology professionals is more commonly referred to as tech errors and omissions insurance, or tech E&O.
This policy provides coverage for lawsuits related to work mistakes, oversights, and negligence. For instance, if an error by your business causes a client’s server to crash, this coverage would help with your defense costs.
Tech E&O typically bundles errors and omissions coverage with third-party cyber insurance, which provides coverage for your business’s legal expenses if a client files a lawsuit after experiencing a data breach.
Professional services
Professional liability coverage provides support for a variety of different professional services that offer their expertise and knowledge as a service.
Examples include notaries and travel agents. Professional liability insurance can help protect sole proprietors and other small business owners from claims of poor advice, claims of negligence, and other forms of misrepresentation and mistakes.
Consultants
Professional liability insurance for consultants offers financial compensation for lawsuits alleging ineffective advice or inaccurate projections.
For example, a management consultant promises a company that it will improve its profits by 20% by a certain date. When the date arrives, profits have gone up, but not as much as projected. Professional liability insurance would help cover the consultant’s legal defense costs if the client sues the consultant over its financial troubles.
Some clients may ask for proof of professional liability insurance before they agree to work with a consultant.
Healthcare professionals
Professional liability insurance for healthcare providers offers the protection your healthcare business needs to continue providing its services while handling a lawsuit. In this industry, it’s called medical malpractice insurance.
For instance, if a patient claims that neglect from a nurse caused bed sores, they could file a lawsuit against them. Professional liability insurance would cover legal expenses for the nurse, such as the cost of hiring an attorney.
Some states require malpractice insurance for doctors and other medical staff. More often, the facility where you work will require you to carry a certain amount of this coverage.
Accountants and CPAs
Professional liability insurance for accountants and CPAs covers the costs of lawsuits based on accounting errors, data entry errors, miscalculations, or lost documentation.
For example, if an accountant incorrectly enters a client’s financial transactions into a spreadsheet and the budget falls short, the client may trace the mistake back and file a lawsuit. Professional liability insurance would cover the accountant’s cost of hiring a lawyer.
Because the policy offers indirect financial protection for the client, some clients will require proof of insurance before they agree to work with your firm.
Architects and engineers
Professional liability insurance for architects and engineers offers financial protection against a wide range of lawsuits, such as disputes over building design, cost overruns, mistakes, and missed deadlines.
Someone could sue you for a missed deadline, even if it’s not your fault. If the materials you need to complete a project aren’t delivered on time, you may face a customer lawsuit.
Architects and engineers may need this coverage to obtain a license from state regulators and to qualify for contracts.
Top professions that need professional liability insurance
How do I get proof of professional liability insurance?
Complete our easy online insurance application to get free quotes. Swift’s expert insurance agents can help you find affordable professional liability coverage that meets the needs of your small business.
You’ll typically be able to get coverage quickly and receive a copy of your professional liability insurance certificate on the same day.
What does professional liability insurance not cover?
While professional liability insurance covers many costs related to legal action from a client, it does have a number of exclusions. For example, it only covers the cost of defending against lawsuits – it doesn’t pay for lawsuits you initiate.
Unless your policy has prior acts coverage, it will only cover claims filed while the policy is active and for incidents that occurred after you bought the policy. In this case, endorsements can fill gaps in your professional liability coverage.
Other exclusions from professional liability insurance coverage include:
Customer bodily injury and property damage
Professional liability does not cover bodily injury to a customer or property damage. For either situation, you would need general liability insurance. It can help pay for medical expenses and the cost of repairing or replacing damaged third-party property. It can also cover your legal expenses if the customer sues.
Employee injuries
Workers’ compensation insurance will cover medical expenses and partial lost wages for employees with work-related injuries or illnesses.
Employee discrimination lawsuits
Employment practices liability insurance (EPLI) covers lawsuit expenses related to claims of harassment, discrimination, and wrongful termination.
Illegal activity
Professional liability coverage does not cover illegal activity or incidents of purposeful or intentional wrongdoings.
Harm caused by a product
Product liability insurance can pay for injuries or property damage caused by a product sold, made, or distributed by your small business.
If a software product caused physical harm, it would also be covered by product liability. If your software caused financial damage, it would be covered by tech professional liability coverage, also known as tech E&O.
Find professional liability insurance quotes
FAQs about professional liability insurance
Get answers to frequently asked questions about professional liability insurance.
When is professional liability insurance required?
There are typically a couple different scenarios when a business may be required to have professional liability insurance coverage.
Clients may request a certificate of insurance as proof that you have coverage in order to secure a contract. This way, they know that in the event that you make a costly mistake or don’t meet their standards, they will be able to recoup their losses.
Additionally, if you decide to apply for certain professional licenses, many states will require that you hold professional liability insurance before you can submit your application.
Having a certificate of insurance makes it easier to establish trust in your business. As a policyholder, you can then show licensing boards, clients, and others that if you make a mistake in your professional work, you’re able to pay for any negative outcomes.
How does professional liability insurance work?
Professional liability insurance will help provide indemnity for legal costs in the event that a client files a lawsuit against you over an accusation that you failed to meet expectations.
To make a professional liability claim, you can call your insurance provider. They will then ask you to provide some basic information, such as a description of the incident and your policy number.
Most professional liability insurance policies are written on a claims-made basis. This means that in order to collect your insurance benefits, your professional liability policy must be active:
- When an alleged mistake occurs, and
- When the claim is filed
If you want coverage for work you’ve done in the past, you can ask your insurer to set a retroactive date for your policy. Continuous coverage is key if you don’t want to pay out of pocket for lawsuits.
Is there a difference between professional liability and errors and omissions coverage?
The short answer is no. Different industries use different terms for the same type of coverage. You will sometimes see professional liability insurance called errors and omissions insurance (E&O), even though the policies are identical except for the name.
The term E&O insurance is used most often for insurance agents, real estate agents, tax preparers, and IT professionals.
Lawyers and doctors refer to this policy as legal malpractice or medical malpractice insurance, respectively.
How does professional liability insurance differ from general liability coverage?
General liability and professional liability insurance both protect against common small business liability claims, but they cover different types of lawsuits.
General liability insurance covers customer bodily injuries, customer property damage, and advertising injuries. In contrast, professional liability insurance covers any legal defense costs when a client or customer suffers a financial loss due to your professional services or advice.
Professional liability insurance cost
The cost of professional liability insurance, also called errors and omissions insurance (E&O), varies based on a number of factors about your business. Your premium is directly impacted by the type of work you do, industry risk, and more.
What is the average cost of professional liability insurance?
Small businesses pay an average premium of $61 per month, or about $735 annually, for professional liability insurance.
Our figures are sourced from the median cost of policies purchased by Insureon customers from leading insurance companies. The median offers a better estimate of what your business is likely to pay because it excludes outlier high and low premiums.
Typical professional liability insurance premiums for Swift Insurance customers
While Swift’s small business customers pay an average of $61 monthly for professional liability insurance, 32% pay less than $50 per month for their policies, and another 39% pay between $50 and $100.
The cost varies for small businesses depending on their risks and the coverage they choose.
Understanding professional liability insurance cost factors
How do policy limits affect professional liability insurance costs?
If you want a professional liability insurance policy that covers more expensive lawsuits, you’ll need to increase your coverage limits – which means you’ll pay a higher premium to your insurance company.
The limits on professional liability coverage vary significantly, from $250,000 to $2 million. Professional liability insurance coverage with $1 million / $1 million limits is the most popular option for small businesses. This includes:
- $1 million per-occurrence limit. While the policy is active, the insurer will pay up to $1 million to cover any single claim.
- $1 million aggregate limit. During the lifetime of the policy, the insurer will pay up to $1 million to cover claims.
The majority of Insureon customers (63%) choose a professional liability policy with $1 million / $1 million limits. Nine percent of our customers choose a policy with $2 million / $2 million limits, the next most popular choice.
When buying a policy, you can choose a higher deductible to save money. However, if you can’t pay the deductible, your insurance won’t activate to cover your claim. The average deductible that Insureon customers select for professional liability insurance is $2,500.
The right amount of coverage depends on your business needs. You want coverage that’ll cover a potential lawsuit, without buying more than you need. Chat with a licensed insurance agent if you’re unsure which limits are right for your business.
How does your industry impact the cost of professional liability insurance?
Our analysis of professional liability insurance costs reveals that for small businesses, your industry has the biggest impact on your premium. Generally, insurance companies charge higher risk industries higher premiums, while lower risk industries enjoy lower rates.
For example, building design professionals, such as architects and engineers, are exposed to more risk than photographers or accountants. A mistake could lead to problems with the stability of a building, or cause an injury if a structure collapses.
Depending on your state and your profession, you may need professional liability insurance to get licensed or to work in your field. That can include real estate agents, insurance agents, lawyers, and doctors.
The graph below illustrates how the type of business affects what you’ll pay for a professional liability insurance policy.
Top industries we insure
Professional liability insurance provides affordable, necessary protection for professional services
Professional liability insurance is a must-have for small businesses that provide expert advice or services, such as IT consultants or professional services. You may see it referred to as errors and omissions (E&O insurance), professional indemnity insurance, or malpractice insurance depending on the industry.
Experienced professionals can still make mistakes or oversights, or give advice that causes financial loss for a client. If the client sues, legal costs can escalate to the point where they could sink your business.
Even if you’ve done nothing wrong, you’re not immune to lawsuits. For example, your business could lose a key individual who you need to complete a project on time, or a client could sue over a budget overrun that was out of your hands.
When someone sues your business – even if it’s a frivolous lawsuit – you’ll have to pay legal defense costs, such as the cost of hiring an attorney. If you lose the suit, you could end up paying a fortune in a court-ordered judgment or a settlement.
A professional liability policy covers all of these costs, which could save your business from bankruptcy. Because the premium is based upon your level of risk and your industry, many small businesses pay only a small monthly premium for this type of insurance.
How can you save money on professional liability insurance?
It’s possible to reduce your professional liability premium through a few simple steps:
Shop around. Insurance companies offer a range of professional liability premiums and coverages. Compare quotes from different carriers with Insureon’s easy online application.
Pay your entire premium upfront. Policyholders can choose to pay insurance premiums once a month or once a year. While making a smaller payment each month requires less money up front, it may cost more in the long run. Insurers often offer discounts to businesses that pay an annual premium.
Bundle policies. Depending on your industry, it’s sometimes possible to bundle professional liability insurance with another policy, such as general liability insurance. An insurance bundle often costs less than purchasing each policy separately.
Keep continuous coverage. Continuous coverage is key if you don’t want to pay out of pocket for professional liability lawsuits. While it’s possible to purchase coverage when you start a project and drop coverage when you complete the project, this cost-cutting strategy can backfire for professional liability and other claims-made policies. To file a claim, your insurance must be active:
- When an alleged mistake occurs
- When the claim is filed
Reduce your risks. Your professional liability claims history is a big factor when calculating your premium, which is why it’s important to avoid lawsuits in the first place. Many professional liability lawsuits stem from client disputes. To reduce the risk of a lawsuit, you can:
- Strive to meet the standard of care for your industry
- Communicate clearly, especially when an issue arises
- Document all contracts and communications with clients
Why do small business owners choose Swift?
Swift is the #1 independent agency for online delivery of small business insurance. We help business owners compare quotes from top-rated providers, buy policies, and manage coverage online. By completing Insureon’s easy online application today, you can get free quotes for professional liability insurance and other business insurance policies from top-rated U.S. insurance companies.
Once you find the right policies for your small business, you can begin coverage in less than 24 hours and get a certificate of insurance for your small business.
State requirements for professional liability insurance
Professional liability insurance protects business owners against client lawsuits over unsatisfactory work. Also known as errors and omissions (E&O) or malpractice insurance, this policy may be required by the laws in your state or by those you do business with.
When is professional liability insurance required?
State laws don’t often require businesses to carry professional liability insurance, also called professional indemnity insurance. However, some professionals may need this coverage in order to obtain a business license in their state. You might also need this policy for government or client contracts, or to work in a legal or medical setting.
State laws often mandate professional liability coverage for:
- Healthcare professionals
- Insurance professionals
- Real estate professionals
- Lawyers
Regardless of state requirements, any business that offers professional services or advice should carry this insurance coverage to protect against legal costs related to errors and oversights.
State laws for medical malpractice insurance
Professional liability insurance for healthcare providers is often known as medical malpractice insurance. While there is no federal requirement for this coverage, it may be required in some states and healthcare settings.
For example, several hospitals and clinics require doctors to have certain amounts of medical malpractice coverage in order to work there or have admitting privileges.
While other health-related professions, such as a therapists and counselors, are not typically required to carry malpractice insurance, it is still a good idea to invest in this coverage to prevent the risk of a client lawsuit that could cost thousands of dollars.
State laws for professional errors and omissions insurance
If you work in real estate or insurance, some states may ask you to carry professional liability insurance, in this case referred to as errors and omissions insurance (E&O), before they will grant you a license.
For example, the state of Nebraska will require that a State Program Administrator certify to the Real Estate Commission that all applicants for new licenses (or renewals) have proof of errors and omissions insurance.
In Rhode Island, insurance producers must carry an E&O policy with a $250,000 per-occurrence limit and a $500,000 aggregate limit.
State laws for legal malpractice insurance
Most states do not require lawyers to carry malpractice insurance, although in some states attorneys must notify their clients if they do not have a certain level of coverage.
For example, states like Ohio and Pennsylvania require attorneys to either carry malpractice insurance with policy limits of $100,000 per claim and $300,000 annual aggregate, or to notify clients in writing if they don’t have this coverage.
Texas requires coverage of $100,000 per claim, or to have this same amount set aside as a self-insurance contingency fund. Oregon requires attorneys to obtain this coverage through a state fund.
Why do you need professional liability insurance?
Fighting a lawsuit can be expensive, even if you’ve done nothing wrong. Professional liability insurance covers the cost of litigation, such as attorney fees, court costs, and settlements.
It covers you in case of a client lawsuit over the following situations:
- Accusations of negligence, such as an engineer who creates an unsafe design.
- Work mistakes and oversights, such as an attorney who fails to include an important clause in a legal contract.
- Inaccurate advice, such as an accountant or tax preparer who makes a costly mistake in determining what you can deduct from your tax returns.
- Missed deadlines and undelivered services, such as a consultant who fails to meet a contract obligation completely or on time.
How much does professional liability insurance cost?
The average cost of professional liability insurance coverage is $61 per month.
Your premium depends on several factors, such as:
- Your type of business and industry
- The coverage limits and deductible
- Your business size and location
- Your day-to-day operations
- Your claims history
What if I cancel my professional liability insurance?
Canceling your coverage could result in significant liability for your business because professional liability policies are issued on a claims-made basis. This means it only provides benefits while your policy is active.
If you’re sued for an incident that happened before the effective date of your policy, you would not be covered.
If you canceled your coverage and are later sued for something that happened while your policy was active, you wouldn’t be covered because that cancellation negates the insurance company’s obligation to you.
This is why it’s important to maintain your professional liability coverage at all times.
Do I need general liability and professional liability coverage?
These insurance policies offer liability coverage for different situations. You may need one or both policies depending on the type of risks you face.
General liability insurance is often the first type of insurance that small business owners purchase. It covers everyday business risks such as customer bodily injuries, customer property damage, and advertising injuries.
If a customer has a slip-and-fall accident at your business, or if you damage a customer’s property, your general liability policy would cover any resulting legal costs.
Your professional liability insurance covers claims of professional mistakes and oversights such as unsatisfactory work, professional negligence, and missed deadlines.
“Many insurance carriers have an E&O requirement when writing a general liability policy for operations like insurance and real estate,” explains one of Insureon’s professional liability experts. “These carriers require insurance and real estate agents to show proof of coverage before they will bind a general liability policy.”
What other types of business insurance do I need?
General liability insurance and professional liability insurance don’t protect against every risk of running a business. Depending on the specifics of your business, you may need other policies, some which may be required by law.
- Workers’ compensation insurance covers medical costs and lost wages from work-related injuries and illnesses. It’s required in most states for businesses that have employees.
- Commercial property insurance is often required to sign commercial leases. It covers your business’s building, equipment, and inventory.
- A business owner’s policy (BOP) combines general liability and commercial property insurance into one policy. It’s usually less expensive than buying each policy separately.
- Commercial auto insurance is required in most states for businesses that own vehicles.
- Cyber insurance covers the cost of dealing with a data breach or malicious software attack.
Get professional liability insurance quotes from trusted carriers with Swift
Complete Swift’s easy online application today to compare professional liability insurance quotes from top-rated U.S. providers. A licensed insurance agent can help you find affordable coverage that matches your business’s unique needs. Once you find the right policy, you can begin coverage in less than 24 hours.
Cheap professional liability insurance
You can save money on professional liability insurance by shopping around to compare policies, bundling your coverage with other insurance products, customizing your policy to meet your business needs, and reducing your risks to avoid claims.
How do I find cheap professional liability insurance?
Professional liability insurance, in some industries called errors and omissions insurance (E&O) or medical malpractice insurance, is a type of professional indemnity insurance for businesses that offer professional services and advice. It covers risk exposures such as negligence, misrepresentation, inaccurate advice, and violations of good faith.
If a client sues your business, claiming that your mistake or oversight cost them money, your professional liability policy would help with your legal defense costs. Professional liability can also cover claims that your work was late or never delivered.
Starting at $33 per month, a professional liability insurance policy can be affordable for small businesses.
There are many ways for you to keep costs low. For example, you can compare rates from different insurance companies, such as through Insureon’s easy online application that retrieves quotes from trusted carriers.
In addition, bundling your professional liability policy with other insurance products, choosing cost-saving options on your professional liability insurance coverage, and managing your risks to avoid insurance claims can also help you pay less.
1. Shop around and compare quotes from carriers
Getting quotes from multiple insurance companies is one of the best ways to find affordable professional liability insurance coverage. You could go straight to the source and contact each carrier directly, or you could work with a digital insurance agency like Insureon for a simpler and easier experience.
At Swift Insurance, you can get professional liability insurance quotes from top-rated providers, such as The Hartford and Chubb, with a single online application. Our licensed insurance agents are available to help you customize a policy for your business’s unique needs, making sure you meet state laws and your profession’s requirements.
Once you select the professional liability insurance policy you need, you can get coverage and a certificate of insurance (COI) in less than 24 hours.
How much does professional liability insurance cost?
The average cost of professional liability insurance for Insureon’s customers is $61 per month.
Professional liability insurance premiums are calculated based on a few factors, including:
- Industry and type of business
- Your policy’s coverage limits and deductible
- Number of employees
- Claims history
2. Bundle professional liability with other policies
Depending on your profession, you might be able to bundle professional liability insurance with cyber insurance in a bundle called technology professional liability insurance.
Within the technology field, this bundle is commonly referred to as technology errors and omissions insurance (tech E&O). This policy protects IT consultants and other tech professionals from lawsuits related to mistakes, including poor advice that leads to a data breach at a client’s business.
In addition, some businesses are able to bundle their professional liability policy with their general liability coverage.
Combining coverages is typically less expensive than buying each policy separately.
Top professions that need professional liability insurance
3. Customize your professional liability policy
While all professional liability policies provide similar types of coverage, you can customize this coverage to suit your unique business needs and reduce costs.
Below are a few things you can do to lower the cost of professional liability insurance:
Choose lower policy limits
One easy way to save money on professional liability insurance is by choosing lower per-occurrence limits and aggregate limits for your policy. However, there’s a tradeoff.
The policy limit is the maximum your insurer will pay out on a claim. If your business gets hit with an expensive lawsuit, you could end up paying thousands of dollars in legal fees if you don’t have sufficient coverage.
When choosing limits, you’ll want to consider both the cost of your premium and the cost of a potential lawsuit against your business.
Select a higher deductible
Your deductible is the out-of-pocket amount you have to pay before your insurer will cover a claim. If your deductible is $2,000 and you have a $25,000 claim, you would first have to pay $2,000 and then your insurance company would pay $23,000.
Keep in mind that while choosing a higher deductible can reduce your premium, your business might end up paying more in the long term if you face a couple of expensive claims. And if a claim doesn’t meet your deductible, you’ll have to pay the entire amount yourself.
On the other hand, if you think it’s unlikely you’d face a professional liability claim, a higher deductible might benefit your business. You’d pay less for insurance, yet still have the professional liability coverage you need.
Pay your premium annually
Insurance companies typically offer discounts if you pay your entire premium once a year, rather than monthly. Make sure to opt for annual payments if you can afford it, as you’ll save money in the long run.
Maintain continuous coverage
It might be tempting to start and stop your professional liability coverage as needed, such as for the duration of a large project. However, that strategy doesn’t work with a professional liability insurance policy.
First, professional liability is a claims-made policy, which means you’re only insured for claims filed while your policy is active. If someone sues your business after a project’s completion, you could face expensive legal bills if you let your coverage lapse.
If you need coverage for work you’ve done in the past, make sure to set your policy’s retroactive date to cover that time period.
In addition to this, insurance providers charge more when you stop and restart coverage. Maintaining continuous coverage guarantees you’re protected when you need it, and also helps keep your premium low.
4. Manage your risks to keep your premium low
A professional liability claim can result in an increase in your premium, especially if you have multiple claims or one that’s unusually expensive. That’s why avoiding lawsuits is crucial to paying less for this policy.
Professional liability lawsuits typically arise over disagreements between a business and its customers. You can reduce your risk of this happening by communicating openly with customers. Let them know in advance if you expect any problems or delays, and give them a heads-up when you run into an issue that might impact your ability to deliver.
It helps to have detailed contracts that stipulate what services you provide, when you’ll provide them, and how both parties will communicate. Make sure to get every communication in writing, and have clients sign off on any changes.
By keeping your customers satisfied and fully aware of what you’re up to, they’ll be far less likely to file a lawsuit.
Cheapest industries to purchase professional liability insurance
In addition to your location, your industry can affect how much you pay for professional liability insurance. Generally speaking, industries that face greater consequences if a mistake or negligence occurs can expect to pay a higher premium.
For example, an architect who is responsible for building a new high rise will likely pay more for their professional liability insurance coverage than a photographer who takes family pictures.
Among Insureon policyholders, industries such as professional services, finance and accounting, and personal care tend to pay less compared to higher risk industries like building design and media and advertising.
Here’s a look at professional liability insurance costs for different types of business professions:
What doesn’t professional liability insurance cover?
While professional liability insurance should be an important part of your risk management plan, it doesn’t protect you from every business risk.
Other types of small business insurance you may need include:
General liability insurance: This is typically the first liability policy new business owners buy. It protects against financial losses from customer bodily injuries, damage to a customer’s property, and advertising injuries.
Business owner’s policy (BOP): A BOP bundles general liability coverage with commercial property insurance to protect against common claims and property damage. It generally costs less than buying these two policies separately.
Workers’ compensation insurance: Workers’ comp is required in almost every state for businesses with employees. It covers medical expenses for work-related injuries and illnesses, which are not typically covered by personal healthcare insurance.
Commercial auto insurance: This coverage is required in most states for businesses that own vehicles. It can cover your vehicles in the event of an accident, theft, weather damage, or vandalism.
Cyber insurance: Cyber insurance helps small businesses recover financially after a data breach or cyberattack. It’s recommended for any business that stores personal information, such as credit card numbers or email addresses.
Get affordable professional liability insurance with Swift Insurance
Complete Swift’s easy online application today to find affordable professional liability insurance from top-rated U.S. companies. You can also consult with an insurance agent on your coverage options, including how to find affordable general liability and commercial auto insurance.
Once you find the right policy for your small business, you can begin coverage and receive your certificate of insurance in less than 24 hours, offering peace of mind almost instantly.