What is Professional Liability Insurance?

You’ve worked hard to grow your business. But what would happen if you made an accidental mistake or faced an unexpected lawsuit? Would you be able to protect yourself against a costly court case? Thankfully, there is a type of small business insurance policy available to help protect you: professional liability insurance. Our State Insurance Solutions team put together this handy guide on purchasing professional liability insurance in Dallas, TX.

What is Professional Liability Insurance?

Also referred to as Errors and Omissions Insurance, professional liability insurance protects small businesses and independent consultants from a lawsuit in the event a customer is unhappy with their work. Generally, this policy protects against alleged or actual negligence and the costs associated with defending the claim in court.

Who Needs Professional Liability Insurance?

There are several industries that require professional liability insurance, including those in the legal and medical industries. However, there are others where having it is just a good business idea. Examples of these types of professions include:

  • Real estate agents
  • Doctors
  • Attorneys
  • Counselors
  • Accountants
  • Architects
  • Engineers
  • and Others

Of course, this isn’t an exhaustive list. Consultants of all types are also excellent candidates for professional liability insurance, as their work could easily be challenged in a lawsuit.

How Much Does Professional Liability Insurance Cost?

This is a difficult question to answer. There are numerous factors that go into professional liability insurance premiums, such as the type of industry you’re in and what your unique risks are. Simply put, there isn’t a specific number. Instead, it’s best to speak directly with an agent about your individual situation to obtain an accurate rate quote. 

Are you ready to learn more about purchasing insurance for your Dallas, TX business? Contact State Insurance Solutions today for your no-obligation policy review.