Expert Witness Service Insurance
Getting insurance for your expert witness service is essential.
Expert witness services need to be protected against things like professional malpractice and breach of contract claims.
For example, your service is sued for breaching a contract to provide an expert witness at trial, or for providing a witness whose credentials were allegedly falsified.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for an Expert Witness Service
General liability insurance is — generally speaking — one of the most important insurance policies for expert witness services.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Many expert witness services find that they need other insurance besides general liability, and so decide to utilize several additional policies, including:
- Commercial property insurance for any office equipment (or office buildings) you use.
- Business interruption insurance for any event that could cause your operations to close for an extended period.
- Workers’ compensation insurance should you choose to hire employees.
- Commercial auto insurance if your service uses any company vehicles.
- Commercial umbrella insurance to extend the limits of your other coverage plans.
It is important to understand the different types of insurance providers and their advantages and disadvantages. Generally, business insurance providers are divided into two categories:
- Traditional brick-and-mortar insurers — This typically describes older, more established firms that are based in a physical location (such as Hiscox and The Hartford).
- Online insurers — Contrastingly, this tends to refer to newer firms that base themselves almost entirely online (e.g., Next and Tivly).
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Cost of General Liability Insurance
On average, expert witness services in America spend between $350 - $650 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for an expert witness service to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for an Expert Witness Service
Example 1: While visiting your place of business, a potential client slips while walking up the stairs to your office, breaks a wrist as she falls, and demands you pay for her medical treatment. General liability insurance would cover her medical care.
Example 2: The owner of a competing expert witness service files a lawsuit against your business, claiming you libeled his company. While you disagree with the claim, you want to hire a lawyer right away. General liability insurance would cover your legal defense costs.
Example 3: During a meeting at a client’s business, you accidentally spill your coffee on her high-end laptop. General liability insurance would pay to replace the client’s damaged laptop.
Other Types of Coverage Expert Witness Services Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Professional Liability Insurance
While you provide reliable, high-quality expert witnesses, there’s always a chance someone might claim your professional services caused them harm. If a client sues your business, claiming you made a mistake or failed to perform, professional liability insurance would cover your legal fees and any required settlement.
Commercial Property Insurance
You made a major investment to establish your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your office as well as the business equipment, supplies, and furniture stored there.
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time employees. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover, but also any disability or death benefits stemming from a work-related accident.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your expert witness service:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Expert Witness Service Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Generally, yes. In order to secure the long-term success of your expert witness service, it will need sufficient business insurance to protect it from the inherent risks it faces, such as professional malpractice claims.
Your state also may require your business to purchase certain types of insurance before starting.
Not necessarily. Certain exceptions may be written directly into your expert witness service insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.