Insurance for administrative service businesses
Who needs administrative service insurance?
If you have an administrative service business, you're likely juggling many tasks for your clients. These might include planning, operations, marketing, and financial matters. You need insurance to cover your day-to-day decisions.
Let's say you're managing a client’s schedule and they ask you to schedule a meeting with an important prospective client. You set up the meeting, but forget to put it in your client’s calendar. When the prospect shows up for the meeting, your client isn’t there. The prospect sees the mix-up as demonstrating a lack of attention to detail and takes their business elsewhere. Your client sues you for the revenue they lost. Your liability insurance provides coverage against lawsuits and claims like this.
Your business regularly gives clients advice and provides professional services. You can mitigate your risks with the right business insurance protection. At Hiscox, we encourage courage with the right insurance products specific to your business needs.
Other office managerial professions we insure
Types of administrative service insurance policies
Professional liability insurance is also called errors and omissions (E&O) insurance. It provides coverage if you're sued, even if you're not at fault. Here's an example.
Suppose you provide administrative services for a financial advisor. You propose a new filing system to maintain the advisor’s records, and implement it. But the advisor fails an audit and is fined. They sue you, blaming your filing system for not keeping the required records. Your professional liability policy can provide coverage.
General liability offers protection for other people’s claims of bodily injury and property damage. It also provides coverage for personal injury, including slander and libel.
As an example, let's say a client visits your home office and trips over the rug, suffering a slight injury. However, they file a hefty lawsuit for pain and suffering. Talk about a falling out. Your liability coverage can cover the client’s medical expenses and your defense costs. It provides more coverage than a typical homeowner’s insurance policy.
Learn more about general liability insurance costs.
A business owners policy (BOP) includes business property insurance and general liability coverage. BOPs include coverage for many of the risks your small business might face. In addition to covering third-party bodily injury and property damage claims, it also protects your business assets and equipment. Here's an example.
Suppose your laptop computer is stolen out of your car. Your BOP could cover the cost to replace the stolen computer and get your business back up and running fast. Are you expanding your services? Talk to one of our agents about your plans. We want you to courageously continue on the path to success, confidently grow your business, and take the right risks.
With today's cyber threats, having antivirus software alone isn't enough. Your cyber insurance policy can protect against cyber attacks, online breaches, and other liabilities. As an example, a staff member clicks on a fake website and it adds malware to your computers. Your clients sue over the loss of their data (including personally identifying information). Your policy can cover your legal expenses and damages. Hiscox cyber insurance policies also include tools to educate your staff to prevent a breach in the first place.
Why do administrative service professionals choose Hiscox?
At Hiscox, we understand that running a small business is tough. It's also impossible to succeed in business without taking some risks. That's why we don't want you to go it alone. Our small business insurance policies can help protect you from losses. With adequate coverage, you'll have protection against claims and lawsuits.
Here's why other business managers choose Hiscox:
- Contract coverage: Our insurance coverage satisfies most standard contract insurance requirements.
- Fast and timely claims responsiveness: Reporting a covered Hiscox claim? We have dedicated agents ready to assist you.
- Flexible payment plans and transparency: We offer convenient monthly payment plans. And, there are never any hidden fees.
- International coverage and quick claims: Do you have global locations? No problem! File your covered claims in the U.S., a U.S. Territory, or Canada.
- Knowledgeable staff: Our talented team of professionals has a 4.8/5 customer rating.
- Customized policies: Looking for customized insurance? Let's create a custom policy based on your specific needs.
Failure is a step on the road to success but don't go it alone. Call us with your questions at 1-866-283-7545. Our team of licensed agents is available Monday – Friday, 7am – 10pm ET.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.