What is professional liability insurance?
How does professional liability insurance work?
Although many types of businesses can be helped with professional liability insurance coverage, let's look at a few real life examples. Let's say you're a project manager. You accidentally forget to get to tell your client about needed sign offs causing project delays that increase the cost. Or maybe you're a massage therapist and your client sues you, claiming you caused tissue damage. These are just a few of the cases that professional liability insurance could help you with. Many people often pair it with general liability insurance for more complete coverage.
- A professional service
- Regular professional advice to clients
- Contractual service to your clients
How much does professional liability insurance cost?Every business' needs are different. A lot of things impact how much your premium will be. We're ready to work with you to get the coverage you need at a great price. See how much you could save on professional liability insurance through GEICO today.
Why do I need professional liability insurance (PLI)?Some jobs and contracts require PLI. Beyond that, mistakes happen. Make sure that you and your business are protected with the right professional liability coverage.
What does a professional liability insurance policy cover?
What else is covered under professional liability insurance?
What type of business can be covered by professional liability (or E&O) insurance?
What's the difference between general liability and professional liability?
In a quick comparison, general liability insurance covers physical risks. This might be property damage or bodily injuries. Professional liability insurance covers errors and omissions, which are more abstract. Professional liability insurance may cover issues like failure to deliver, professional misconduct, breach of contract and more.
Additional Coverages to consider with your BOP Insurance? GEICO can help.
This 2-in-1 policy includes general liability plus protection for your property.
Example: A fire damages your office. A BOP could cover repairs to your office and help pay your employees' wages while business is interrupted.
We often recommend general liability insurance to go with professional liability.
Example: A client slips, falls, and injures their back at your place of business. General liability could cover their medical bills.
A personal auto policy is not enough to cover vehicles used for business. Commercial auto insurance can:
- Cover business uses that personal auto policies don't include
- Offer more liability coverage to protect you
- Includes cars, pickup trucks, box trucks, and more
Example: On a job site, a carpenter accidentally backs into the homeowner's car. Commercial auto insurance could cover the damage.
Protects businesses from losses from computer-related attacks, such as malware, phishing, ransomware, or stolen personal data.
Need to speak with us about professional liability insurance?
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Professional liability insurance: Get the answers you're looking for.
How can I manage my professional liability insurance policy?Geico Insurance Agency has made it easy for you to speak directly with an insurance professional who can help you.
Do I need professional liability insurance?Yes, you may need professional liability insurance since professional services aren't usually covered by general liability insurance.
Is errors and omissions (E&O) insurance the same as professional liability?Errors and omissions insurance is another name for professional liability insurance. It can help protect business professionals from claims of mistakes in providing their professional services.
What business insurance do I need?Whether you're a small business just getting started or looking for better insurance rates, GEICO can help. Answer a few short questions about your business so we can help narrow down the search for what business insurance you may need.
Please note:The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
Professional Liability Insurance coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, LLC. We can help you secure business insurance in all states except Hawaii.
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