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The private investigation industry carries with it an ever-increasing risk of litigation, similar to the security industry. This is particularly true today with the increased focus on civil liberties, privacy, and profiling .Private investigator insurance is one of the few protections you can still count on.
What if you neglect to provide crucial details to a corporate client, and this mistake results in a harmful business decision? That’s why you want to stay proactive by investing in private investigator professional liability insurance.
Private investigators aren’t required to carry liability insurance. As such, you want to start by investing in comprehensive general liability insurance. Let’s examine real-life situations where private investigators insurance might come in handy.
Suppose a client takes a meeting at your office but slips and falls on a pool in your entryway and breaks her wrist.
In all these situations, your general liability policy will be able to cover all the arising costs.General liability insurance covers:
By virtue of what private investigations entail, you are likely going to be involved in a great deal of research or developing data that are to be used by others in making significant decisions.
Private investigator professional liability insurance covers all negligence claims due to mistakes or failure to perform. If you were to be sued for any of these, the policy will cover all your legal costs and the cost of a settlement.
Commercial Auto Insurance for Private Investigators
The first is commercial auto insurance which covers any automobile that is primarily used for business. You ought to ensure that your commercial auto insurance meets your state’s legal requirements. Commercial auto insurance does the following:
Suppose a hacker gains access to the case you are investigating. In this case, you would benefit from having cyber liability insurance coverage.
This will cover the costs of legal expenses and for recovering the classified information. This will also pay public relations expenses and lost income as a result of the breach.
Your work is risky , and it’s good to get workers’ compensation insurance. This will cover costs if you or your employees experience an accident while working outside or in the office. By having this insurance, you can cover the following:
What if your business runs out of your home? Unfortunately, your homeowner’s policy cannot cover accidents that occur within your home resulting from your business activities.
As such, you want to invest in business insurance for private investigators, which will cover accidents related to your work as a private investigator that happen within your home.
Expect to pay $44 per month or $528 per year for a $1 million general liability insurance policy.
The private detective insurance cost depends on varying factors about your business. Specifically, your quotes will be calculated based on the information you provide, including the following:
| Cost per Month | Cost per Year | |
| General liability insurance | $44 | $528 |
| Private investigator professional liability insurance | $52 | $624 |
| Workers compensation insurance | $62 | $744 |
| Business owner’s policy | $48 | $576 |
| Cyber liability insurance | $55 | $660 |
Get all the best quotes from leading providers in a click of a button!
Launched in 2015, NEXT is a go-to for smaller private investigation business owners looking for cheap insurance online. With NEXT, you can purchase private investigator insurance for as low as $11 per month or $132 annually.
Average cost: $11 per month
CoverWallet sells private investigator insurance products from different insurance companies, such as Chubb, CNA, and Liberty Mutual. Policies you can get from this company are general liability, cyber liability, workers’ compensation, private investigator professional liability insurance, and more.
Average cost: $18.41 per month
Our rating: 10/10
Tivly® covers a wide range of businesses. Therefore, it might provide coverage even though it doesn’t have a specialized packaged insurance program for private investigators.
Average cost: $21 per month
XINSURANCE, powered by Evolution Insurance Brokers, offers a number of specialty insurance for individuals and businesses alike.
Other than offering private investigator insurance, XINSURANCE also provides specialized policies for private investigators.
Average cost: $30 per month
El Dorado Insurance Agency, Inc. offers private investigator insurance. The insurer has in-depth knowledge of their unique insurance needs.
This insurer has long-term relationships with some of the nation’s most trusted insurance carriers, including First Mercury Insurance and CoverX Specialty. Additionally, El Dorado has a leading workers’ compensation policy in the market.
Average cost: $41 per month
Our rating: 8/10
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