Tips on Buying Professional Liability Insurance for Independent Contractors

Professional Liability Insurance is specifically designed to protect businesses from lawsuits arising from claims made by clients. Often referred to as Errors and Omissions Insurance, Professional Liability Insurance protects you should a client accuse you of not performing your job to their expectations or not completing work to their standards. Buying professional liability insurance provides a peace of mind; protecting you financially whether you are in the wrong or not.

Here are a few tips on how to choose professional liability insurance for your small business:

  • Look for insurance companies that cater to your industry. To get the right kind, start by searching for companies that offer coverage to others who provide services or products for your market. They will be more likely to have affordable options for your specific business risks.
  • Check with professional associations for discounts. In many industries there are professional associations that give access to group discounts or a list of preferred vendors.
  • Obtain 3-4 quotes from reputable insurance carriers. Shop around and gather a few free quotes, comparing the rates and payment options before selecting your professional liability policy.
  • Combine insurance policies for added savings. In some cases, your auto or home insurance company may be able to provide you with additional insurance for your business at substantial savings. We offer excellent policy bundle discounts.
  • Select an insurance provider with responsive customer service. This is crucial especially when ultimately it is their responsiveness that you’ll be depending on the event that you might need to file a claim.

Want to receive financial protection for your freelance endeavours? Get in touch with your UniAmerica Insurance agent today or give us a call at 1-310-835-3373.

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