A client or customer accuses you of making a professional mistake that costs them money.
Someone claims your inaction or wrongdoing caused a financial loss or personal harm.
Someone accuses you of misrepresenting information with your services.
You need to hire a lawyer to defend your business after you are accused of making a professional mistake.
Professional liability insurance coverage can help Florida business owners cover costs if they or one of their employees makes a professional mistake or faces accusations of negligence.
Florida professional liability insurance can help cover:
With professional liability insurance, Florida business owners may be able to submit a claim in a variety of situations, whether their company made an error or a client claims they did. For example:
Professional liability insurance is also referred to as errors and omissions insurance, or E&O.
These terms are often used interchangeably and usually refer to the same coverage. Depending on your industry, one term may be favored over the other. For example, E&O is used primarily by insurance agents, real estate agents and property managers. Construction professionals have a specific contractor’s E&O option.
In most other industries, such as accounting, architecture, engineering and law, this type of coverage is known as professional liability insurance.
Most businesses in Florida are not required to have professional liability or E&O insurance. However, Florida errors and omissions insurance may be necessary to comply with specific industry standards.
For example, if you work on state or local government contracts, Florida E&O insurance may be required. Or if you are a healthcare provider, your workplace may require you to have malpractice insurance, which is a type of professional liability insurance.
Even when it’s not required, it can be beneficial to have professional liability or errors and omissions insurance. Florida business owners often choose this coverage for these reasons:
Small businesses in Florida with professional liability coverage may be better protected financially if they are accused of negligence or make a professional mistake that costs a client money.
Customers or clients may require a certificate of insurance before agreeing to work with you, especially on high-cost projects. Without professional liability or E&O insurance, Florida businesses may lose out on potential jobs.
The city where you work may require professional liability insurance to acquire certain business certifications or licenses.
For example, Florida medical providers are required to have professional liability insurance with minimum coverage of $100,000 per claim with a $300,000 annual aggregate to obtain or renew a medical license.1
Professional liability insurance is common coverage for professional services, including real estate agents, consultants, health care providers and financial advisors.
However, small businesses operating in many industries can benefit from this type of Florida business insurance.
Many small businesses in Florida could be at risk of making a professional mistake that could cost someone money, or they might face accusations of negligence or wrongdoing. Professional liability insurance can help resolve these types of issues quickly to protect your professional reputation and prevent customer confrontations.
For instance, if an insurance agent in Tampa gets accused of misrepresenting the coverage on a policy after a client’s claim is denied, errors and omissions insurance can help pay for a legal defense and other related costs.
If a client sues a Jacksonville architect, claiming that inadequate roof sloping led to water damage in their home, professional liability insurance could help cover costs related to redoing the job or defending against the accusation.
The cost of Florida professional liability insurance varies depending on many factors, including:
NEXT Insurance makes it simple to get affordable Florida professional liability insurance or E&O insurance online in around 10 minutes. Our monthly premiums for this type of coverage cost $45 or less for 52% of our U.S. customers.
Learn more about professional liability insurance costs.
NEXT provides professional liability insurance policies for Florida small business owners and self-employed workers.
It only takes about 10 minutes to get a quote, review your coverage options, choose your policies and download a certificate of insurance.
Start an instant quote online today.
Our team of licensed insurance advisors is standing by to assist you if you have any questions along the way.
Florida general liability insurance can help to protect your business from accidents and mistakes common in your industry. This type of coverage can help pay for damages if your company is accused of causing injuries to a third party or damaging property.
Florida workers’ compensation insurance can help cover costs such as lost wages and medical expenses if an employee gets hurt on the job. Most businesses in Florida with four or more employees are required to have workers comp insurance.
Commercial auto insurance can help pay for costs such as medical expenses and property damage if you or an employee gets in an accident while driving a work vehicle.
The state of Florida requires all vehicles to have minimum auto insurance coverage of $10,000 in personal injury protection (PIP) and $10,000 in property damage liability (PDL).2
Commercial property insurance can help Florida businesses protect their physical assets, including commercial buildings, inventory, business equipment and furniture. If your business property is damaged due to a covered event, you may be able to submit a claim to help pay for repairs or replacements.
Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.