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Part of being an insurance professional means you may be exposing your business to risks associated with errors and negligence. For example, if a customer claims you failed to inform them of an exposure and they suffered financial harm, you may be forced to pay out of pocket for legal fees and related damages.
Don’t leave yourself vulnerable to claims and lawsuits. Let Simply Business build an insurance policy that’s personalized just for you.
Since you spend most of your time giving customers advice about insurance policies, you’ll probably need a range of business insurance coverages in case of claims involving errors and/or negligence.
Let Simply Business build an insurance agents insurance policy that’s personalized just for you.
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Professional liability insurance - which is also called errors and omissions insurance - is a type of policy that provides coverage in the event a customer alleges negligence from your professional services. If your customer decides to sue your business, your professional liability insurance policy may cover damages and legal costs that you might be ordered to pay due to negligence.
Professional liability insurance usually covers:
Think of professional liability insurance as the foundation for your small business. Without it, you’d be personally responsible for paying out any financial damages that a customer experienced as a result of your services.
General liability insurance (or commercial general liability insurance) protects your business from third-party claims of bodily injury or damage to someone else’s property. For example, if a customer gets hurt while visiting you at your office, your policy may cover the cost of these damages.
To recap, general liability usually covers unintentional accidents, property damage, and reputational damage. General liability insurance usually does not cover:
Learn more about commercial general liability insurance.
Do you have full-time employees, part-time help, or even subcontractors? If that’s the case, you may need workers compensation insurance. If someone who works for you gets hurt on the job, this coverage provides help with medical bills, lost wages, and any legal costs that relate to the injury.
Most states require any business with employees to have workers compensation insurance, so make sure you add it to your policy!
Learn more about workers compensation insurance.
Not sure how much you might pay for coverage for your insurance business? While there’s no one answer for how much your policy will cost, your final premium will usually be determined by:
Want to find out how much your accounting business insurance might cost? Just click here to answer a couple of questions about your business.