Professional Liability Insurance for Myrtle Beach Businesses

What Is Professional Liability Insurance?

Professional liability insurance protects businesses that provide professional services, advice, or expertise from claims alleging errors, negligence, or failure to perform. Also called errors and omissions insurance or E&O coverage, this policy responds when clients claim your work caused them financial harm—even if you did nothing wrong.

General liability insurance covers bodily injury and property damage, but it excludes claims arising from professional mistakes. For Myrtle Beach businesses that provide advice, design services, consulting, or other professional work, professional liability insurance fills that critical gap. A single allegation of negligence can generate legal fees that threaten your business, regardless of whether the claim has merit.

Why Myrtle Beach Businesses Need Professional Liability Insurance

Professionals along the Grand Strand serve clients who depend on their expertise to make important decisions. An accountant prepares tax returns. An architect designs a beach house. A consultant recommends a business strategy. When outcomes don't meet expectations, clients look for someone to blame—and professional liability claims follow.

• General liability won't help — Standard business liability policies specifically exclude claims arising from professional services, advice, or expertise. Without E&O coverage, you're uninsured for the very work you do.


• Clients sue even when you're right — Frivolous claims happen regularly. A client unhappy with results may file suit regardless of whether you made an actual error. Defending yourself costs money either way.


• Defense costs are substantial — Legal fees for professional liability claims routinely reach $50,000 to $100,000 or more, even for cases that never go to trial. Your professional liability policy covers these costs.


• Contracts require it — Many clients in South Carolina require proof of E&O coverage before signing engagement letters or service agreements. Without coverage, you lose business opportunities.


• Your reputation is at stake — Professional liability claims can damage your reputation in the Myrtle Beach business community. Having insurance demonstrates responsibility and gives clients confidence.

What Does Professional Liability Insurance Cover?

Professional liability policies protect against claims arising from the professional services you provide. Here's what Myrtle Beach professionals should expect from comprehensive E&O coverage:

Errors and Mistakes

Covers claims alleging you made a mistake in your professional work. An engineer's calculation error that requires costly corrections, an accountant's tax preparation mistake that triggers IRS penalties, or a consultant's flawed analysis that leads to poor business decisions—all fall under errors coverage.

Omissions and Oversights

Protects against claims that you failed to do something you should have done. A real estate agent who forgets to disclose a material defect, an insurance agent who fails to recommend adequate coverage, or an architect who overlooks a code requirement could all face omissions claims.

Negligence

Covers allegations that you failed to meet the standard of care expected in your profession. Clients don't need to prove intentional wrongdoing—just that your work fell below what a reasonable professional would have done in similar circumstances.

Breach of Duty

Protects against claims that you violated your professional obligations to a client. This includes allegations of conflicts of interest, failure to act in the client's best interest, or breach of fiduciary duty.

Misrepresentation

Covers claims alleging you made false or misleading statements—even unintentionally—that caused client harm. A Conway marketing consultant whose claims about expected results prove overstated could face a misrepresentation claim.

Defense Costs

Professional liability insurance pays attorney fees, court costs, expert witness fees, and other legal expenses to defend against covered claims. Many policies pay defense costs in addition to policy limits, though some subtract defense costs from available coverage. Understanding how your policy handles defense costs matters.

Who Needs Professional Liability Insurance in Myrtle Beach?

Any business where clients rely on your expertise, judgment, or specialized knowledge needs professional liability coverage. Along the South Carolina coast, that includes a wide range of professionals:

• Accountants and bookkeepers — Tax preparation errors, audit failures, and financial reporting mistakes create significant E&O exposure.


• Architects and engineers — Design errors on projects from North Myrtle Beach condos to Georgetown commercial buildings can result in costly claims.


• Real estate professionals — Agents, brokers, and property managers face claims over disclosure failures, contract errors, and fiduciary breaches.


• Consultants — Business, management, IT, and marketing consultants throughout the Grand Strand provide advice clients rely on for major decisions.


• Insurance agents — Coverage recommendation errors and failure to procure requested coverage are common E&O claims in the insurance industry.


• Technology professionals — Software developers, IT consultants, and web designers face claims when projects fail or systems don't perform as promised.


• Healthcare providers — Medical professionals need specialized malpractice coverage, a form of professional liability tailored to healthcare.


• Financial advisors — Investment recommendations and financial planning advice carry significant liability exposure.


• Attorneys — Legal malpractice insurance protects against claims of inadequate representation or legal errors.

Understanding Claims-Made Coverage

Most professional liability policies are written on a claims-made basis, which works differently than the occurrence-based coverage used for general liability. Myrtle Beach professionals need to understand this distinction to maintain proper protection.

Claims-made policies cover claims filed during the policy period, regardless of when the alleged error occurred—as long as it happened after your retroactive date. If you cancel your policy, you lose coverage for future claims, even for past work.

Occurrence policies cover incidents that happen during the policy period, regardless of when the claim is filed. These are less common for professional liability but easier to understand.

The claims-made structure means continuous coverage is essential. If you switch carriers or retire, you may need tail coverage—also called an extended reporting period—to protect against claims filed after your policy ends for work performed while covered. Your Moore & Associates agent can explain how claims-made coverage works and help you avoid gaps.

How Much Does Professional Liability Insurance Cost in South Carolina?

Professional liability premiums for Myrtle Beach businesses vary based on several factors:

• Type of profession and services provided


• Annual revenue or billings


• Years in business and experience level


• Claims history


• Coverage limits and deductible selected


• Number of professionals covered

Solo consultants and small professional firms might pay $500 to $2,500 annually for professional liability insurance. Higher-risk professions like architects, engineers, and financial advisors typically pay more due to greater exposure. The cost reflects your specific risk profile—not a one-size-fits-all rate.

Why Work with Moore & Associates for Professional Liability Insurance?

Moore & Associates has served Myrtle Beach professionals since 1979. As an independent agency, we work with multiple insurance carriers that specialize in professional liability coverage for different industries. Whether you're an accountant in Surfside Beach, a consultant in Murrells Inlet, or an architect in Pawleys Island, we find carriers that understand your profession.

Our local agents take time to understand your practice, identify your exposures, and explain coverage options clearly. We help you select appropriate limits, understand claims-made provisions, and build a professional liability program that protects your business and reputation.

Get a Professional Liability Insurance Quote in Myrtle Beach, South Carolina

Our professional liability insurance agents serve Myrtle Beach, South Carolina and surrounding areas including North Myrtle Beach, Atlantic Beach, Conway, Surfside Beach, Murrells Inlet, Litchfield, Pawleys Island, and Georgetown. Contact Moore & Associates today for a free quote.