Professional Liability Insurance
in Idaho

What is Professional Liability insurance?

The increasing competition means that customers are finding it more difficult to be satisfied with the products and services they purchase. Even if you’re careful when it comes to your work, even small errors can lead to a dispute or a claim. Customers can also be subject to liability if you give advice or perform work.

A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing. Customers who assert financial losses because of your services, products or employees are more likely to file Professional Liability claims.

You may be sued if a product you’ve created doesn’t perform as expected or when your advice causes the client suffering financial losses. These lawsuits could claim that you made a mistake in your work or that your work was not up-to-standard. Your business and you are protected against third-party claims arising from professional negligence or errors if you have Professional Liability insurance in Idaho.

What does Professional Liability insurance cover?

Even if the claim is not legitimate, legal fees and court costs could easily run into the thousands. Small-scale business owners may feel the financial burden on their business. In addition, the possibility of business closures or bankruptcy can result from claims for liability.

A Professional Liability policy will typically pay for:

• Legal Costs – Securing competent legal representation doesn’t come inexpensive, and most lawyers charge an hourly rate.
• Court Costs This covers filing documents with court, underwriting charges and administrative expenses.
• Settlements You may be able to save yourself from long-drawn out litigation. But, based on the advice of your attorney it is still necessary to make a payment.
• Judgments – On the other hand, if your case goes to trial and is found in favor of the plaintiff you’ll be required to pay the amount as determined by the court.

Importantly, the Professional Liability insurance Idaho covers the insured even if they aren’t at fault. The most common claims that are not justified are as costly to resolve than those with merit. It is possible to protect your company and professional reputation with a Professional Liability policy. This will cover you for the costs of paying these expenses.

What isn’t included?

Professional Liability insurance protects companies from the most common risks. However, it does not cover every risk you may face. For events that are not covered by your insurance plan, you might search for other alternatives to cover like:

• Property damage or loss of commercial property
• Property of a client, or a third party, damaged
• Workers’ work-related injury and illness
• You may sustain third-party injuries on your premises
• Business interruptions

BizInsure will provide additional insurance to safeguard your business from the risks mentioned above and other ones that small businesses face. Idaho small-scale business owners might be interested in General Liability, Workers’ Compensation or a Business Owner’s Policy to better protect themselves against a broad variety of potential risks.