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How do you get professional indemnity insurance to make sure you aren’t sued into oblivion? Do you go through a broker?

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Answer

  1. 28 Answers
    This answer is edited.

    Professional Indemnity insurance or Errors & Omissions (E&O) liability coverages are required to meet certain company standards to protect you from financial loss, personal injury and property damage resulting from a professional’s negligence.  There are certain thresholds that are required for certain contracts or businesses to be in operations. CNA, The Hartford, Hiscox, AIG, and CoverWallet are among some of the best Professional Liability Insurance Providers.  CoverWallet is a third-party broker that will shop your requirements to try to obtain the best price for your insurance needs. Most brokers will include a fee for their service provided for negotiating the best insurance rate.

  2. 8 Answers
    This answer is edited.

    Professional Indemnity Insurance (PII), also known as Professional Liability Insurance (PLI), covers legal costs and expenses associated with your legal defense against a claim brought against you and also covers any damages awarded to the person bringing the claim against your business.  A business owner could utilize an independent insurance broker who has the ability to shop numerous insurance companies for the best PLI rate and coverage for your business.  Alternatively, a business owner could obtain PLI rates and coverage from numerous, online insurance companies such as Hartford Insurance Group, Hiscox, CNA, etc…

    The Hartford Insurance Group

    Hiscox

    CNA

    As a general good practice to follow in business, it is advisable for all businesses to have adequate PLI.  Further, it is advisable to also have adequate general liability insurance which would assist with claims against your business alleging your business caused bodily injury or property damage.

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