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Professional Liability insurance is a form of liability insurance that helps when your professional service or advice made a mistake or an omission that results in your client suffering financial loses or personal injuries. The insurance will cover the full cost of defending against such a claim and the damages awarded in a lawsuit.
General Liability insurance provides your business with protection against common liability claims. This includes third-party property damage, bodily injury, personal injuries, libel, slander, advertising mistakes, and other related claims. The insurance will cover the full cost of defending your business including litigations and judgments awarded by courts.
Data breaches and cyber crimes are becoming way too common. That is why you need cyber liability insurance as it covers the cost of notifying your customers, fixing the bank statements of your customers due to a data breach, defense and liability costs, and other related expenses.
Businesses that fall under this industry consist of employees that provide services such as appraisals, marine surveying, arbitration and conciliation services, patent broker services, commodity inspection, pipeline or power line inspection, consumer credit counseling, weather forecasting, and handwriting analysis.
Your business needs insurance as it protects your business and even your personal assets from spending out-of-pocket expenses when a lawsuit, medical expenses, property damage, and other related risks happen. The insurance will pay for the costs of medical expenses, property damage repair or replacement, lawsuits, and other covered expenses.
Professional and technical services face a lot of risks, below are some examples:
The service you provided is deemed sub-par by one of your clients. This causes your client to file a professional liability claim against your business.
Your network infrastructure has been hacked. Your private information including your customers' information has been stolen by the hackers and used for their own personal gain.
Your employee gets injured while conducting routine maintenance on one of your clients' sites.
There is no fixed cost of insurance for professional and technical services as the cost is based on various criteria like the size of the business, the coverage required, the number of employees, and other related criteria. Without taking these into account, below is the average cost of insurance for your business:
General Liability insurance costs $500 in annual premiums. Workers Compensation costs $1200 in annual premiums. Professional Liability insurance costs $900 in annual premiums.
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