Frequently Asked Questions


What is professional liability insurance?

Professional liability insurance, also called errors and omissions insurance (E & O insurance), protects your business if you are sued for negligence, even if you haven't made a mistake. You should seriously consider this coverage if your business provides professional services and/or is requested by a client to have professional liability insurance to complete a contract.

What is general liability insurance?

General liability insurance coverage protects your business from third party claims for bodily injury, associated medical costs and damage to someone else's property. You should consider this coverage if: you or your employees visit a client's place of work, clients visit your place of work, you write or speak about a client's business, you use third-party locations for any business-related activities; you are required to have general liability insurance before entering into a contract

What is TRIA?

The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism.

GL policies are quoted by Hiscox to include TRIA protection, which comes at a rate of approximately 1% of premium. You can elect to waive TRIA protection, and your premium will be reduced approximately by $4 annually.

What other types of insurance might my SVN practice need?

Besides professional and general liability policies, you may need:

  • Auto insurance that covers your business usage (for agency employees and contractors)
  • Workers Compensation coverage for your employees, which might be required by your state
  • Cyber/Privacy/Media Liability insurance to protect against data breaches, notification of clients, employees, and state agencies of losses due to theft, loss of computers, phones, tablets, paper records. Also addresses hacking, theft of client and employee or business data.
  • Directors and Officers Liability insurance for for-profit and not-for-profit firms and agencies
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  • Life insurance: group or individual life coverage for employees, officers, others - includes life insurance for pension/retirement plans, both for profit-making and not-for-profit firms and agencies
  • Umbrella insurance to provide an extra layer of protection over all of your business policies

If you have questions about what coverages your particular business needs, please call David Guterman at 323-312-8260 to discuss.

Who is Hiscox?

Hiscox is an insurance company that specializes in writing policies for small professional services businesses like yours. We tailor our coverage to your needs, and allow you to change your coverage as your business changes.

Hiscox policies are written on an admitted basis through Hiscox Insurance Company Inc., rated A: "Excellent" by A.M. Best.

What states does Hiscox offer policies in?

Hiscox writes PL and GL policies for small businesses in all states except Alaska

Your Hiscox policy will be written in the state where your business resides, but coverage follows you wherever you perform your services, as long as any legal actions brought against you are done so in the United States.

Who is the Guterman Organization?

Guterman Organization is a premiere financial advisory firm: we serve entrepreneurs and corporate executives in software, health and biotech, social services, investment management, hedge funds, private equity, real estate, energy, wineries, vineyards and paper industries. Guterman Organization is family-owned and operated in Beverly Hills, California. For four generations, our family has advised and counseled private clients and firms, in finance, law, and real estate. We have 28 years of financial advisory, finance and real estate experience. Since our practice began, we've treated every client with dignity and care.