Cover all of your bases with comprehensive professional services insurance in New York from HCP Insurance.
With HCP Insurance, you’ll have peace of mind knowing your business is safeguarded from potential risks and liabilities.
Protecting your professional services business is essential for long-term success. If you provide professional services, you know there’s liability involved, but thankfully, professional services insurance is there to manage risks.
Professional services insurance, also known as business insurance or professional liability insurance, is designed to protect businesses that provide professional services to clients. This insurance helps cover claims arising from mistakes, errors, or negligence occurring in the delivery of professional services.
Professional services insurance also typically bundles coverage for a range of unique risks professional services firms face, such as legal defense costs, employment practices liability, and wrongful termination.
Businesses that fall under professional services insurance include:
Professional services companies have unique risks that require specific insurance coverage, but these are the three basic types of insurance to start with:
In addition to professional liability and general liability insurance, professional services businesses should be aware of several other types of insurance protections to safeguard their operations and clients.
EPLI covers businesses against claims arising from wrongful termination, discrimination, harassment, and other employment-related practices.
This coverage is vital for professional service firms that rely on their reputation and public trust, as a lawsuit or claim can cause significant damage to their reputation and financial stability.
Workers’ compensation insurance is a requirement for all New York businesses. It covers medical expenses and lost wages for employees injured or ill due to work-related activities. It protects businesses against legal liabilities resulting from workplace injuries or illnesses and ensures employees receive the necessary care and compensation.
Humans can’t be correct all the time, and to an extent, that’s okay. Errors and omissions insurance, or professional liability insurance, protects businesses against claims arising from errors, mistakes, or negligence in delivering their professional services.
It covers legal fees, settlements, and judgments resulting from professional mistakes that cause financial losses for clients.
To get an accurate cost estimate for service insurance, it is best to contact insurance providers directly and request quotes.
In the meantime, there are several things to consider that will influence the price of your policy.
These include:
If you’re wondering who can understand your unique need for professional insurance, look no further.
At HCP Insurance, our team understands those who provide professional services need adequate coverage to protect themselves and their business. We also know you need the best price, and the best service.
So, not only are we focused on securing the best coverage for your needs, but we are also dedicated to delivering exceptional service throughout our partnership.
We value your time and strive to make the insurance process as seamless as possible, allowing you to concentrate on what matters most — running and growing your business.
Experience peace of mind knowing that your professional services business is protected by HCP Insurance.
Eager to learn more about the right coverage for you? Find the answers to your top questions about professional services insurance.
Professional liability insurance and general liability insurance are the two most essential types of insurance for professional services businesses. However, you may also need additional coverage, such as cyber liability insurance, workers’ compensation insurance, or employment practices liability insurance, depending on the unique risks of your business.
If you have employees, you likely need workers’ compensation insurance to protect your business and employees in case of a workplace injury or illness. In most states, including New York, workers’ compensation insurance is required by law.
You might! Even though you may not have employees or a physical office, you can still face liability claims related to your professional services. Professional liability insurance can provide coverage for claims arising from errors, omissions, or negligence in your work.
Several ways to reduce your insurance premiums include implementing risk management practices, investing in employee training and safety programs, and increasing your deductibles. You can also work with an insurance broker to shop around for the best rates and coverage options.
Start by working with an experienced insurance provider or broker, like HCP, specializing in professional liability coverage. They can assess your specific needs, help you understand the available options, and tailor a comprehensive insurance package that aligns with your business requirements and budget.
Cyber liability insurance is highly recommended for professional services businesses. It helps protect your business in the event of data breaches, cyberattacks, or other cyber incidents. It can cover expenses such as legal fees, notification costs, credit monitoring, and potential liability arising from compromised client data.
the type of professional services you offer
business size
specific coverage needs
claim history
number of employees
