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What types of insurance do Professional Service businesses need?
Coverage | Explanation | Importance for professional services |
Protects you from lawsuits related to professional work | Critical | |
Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc. | Critical | |
Protects you against liability to third-parties for property damage or injuries. E.g. clients slipping & falling in your office due to you negligently leaving the floor wet. | Critical | |
Protects your employees if they suffer work-related injuries/sickness. | Legally required for all manual workers (e.g. fitness trainers), or workers who earn <$2,600/month | |
Provides cash benefit if you cannot operate your consulting business due to covered reasons, e.g. fire at your office. | Good to have | |
Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more. | Good to have |
What major risks do Professional Service companies face?
Property damage
Employees suffering injuries, or causing injuries to others
How much does Professional Services Insurance cost?
Coverage | Coverage amount (example) | Premium |
$100,000 | From $42/month | |
$100,000 | From $19/month, for a comprehensive Professional Services Insurance Package deal
| |
$500,000 | ||
$10 million common law annual limit
$45,000 medical expenses cover per worker | ||
$10,000 | ||
$250,000 | From $49/month |
Why use Provide for Professional Services Insurance?
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