Professional Liability Insurance
in Delaware

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According to the U.S. Small Business Administration’s Office of Advocacy (SBA) There are 93,686 small companies in Delaware, and they account for 99.5 percent of Delaware businesses. These small businesses have contributed just under 37,254 newjobs to Delaware’s economy. This makes them a key driver for economic growth.

Delaware’s top five industries for small businesses include:

  1. Health Care and Social Assistance
  2. Accommodation and Food Services
  3. Construction
  4. Professional, Scientific and Technical Services
  5. Retail

As Delaware expands, more small businesses begin to profit from the booming economy. Many may need to ensure that their company is protected. Professional Liability insurance in The Blue Hen State is one way that companies can protect what they are creating.

What is Professional Liability insurance?

Customers are becoming more difficult to please due to the increasing competition. small mistakes can lead to an issue, which can then turn into the case. Each time you offer clients advice or accept work from them, you inadvertently expose yourself to liability, too.

Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.  Professional Liability claims are typically made by clients who allege some form of financial damage due to your services, products or employees.

You could face a lawsuit in the event that a product you designed does not work or your advice causes financial losses to the customer. It could allege that there was a mistake in the design or the product was not up to standard. Your business and you are protected from third-party claims that result from professional negligence or errors when you are covered by Professional Liability insurance in Delaware.

What does Professional Liability insurance cover?

Even when a claim appears unfounded the legal costs and court costs could amount to thousands of dollars. This financial burden could affect small business owners. Liability claims can cause bankruptcy, or even the closing of a business in extreme cases.

Professional Liability insurance typically covers:

  • Legal fees Finding competent legal representation is not an inexpensive job. Lawyers usually charge an hourly rate.
  • Court expenses including filing documents with the court, underwriting fees, administrative costs, and any other costs.
  • Settlements You may be able to avoid drawn out litigation. However, depending on your attorney’s advice, you will still need to pay.
  • Judgments If your case is decided by the plaintiff in court, you must pay the amount deemed by the court.

It is important to note that Professional Liability insurance in Delaware covers even if you’re not the one to blame. Unfounded claims could cost as much to resolve as legitimate ones. It is possible to protect your company and professional reputation with a Professional Liability policy. It will pay for the cost of settling these costs.

What is not covered?

Professional Liability insurance shields many businesses against common risks. You should be aware, however, that the insurance does not cover all risks. Other types of insurance may be required for certain events, like:

  • Property or commercial premises damaged
  • The property of a client or a third party, damaged
  • Work-related injuries or illnesses of employees
  • Third party injuries that occur on your premises
  • Business interruptions

BizInsure provides additional types of coverage that will help your business protect against the risk factors mentioned above and more. Delaware small business owners might also want to consider General Liability, Workers’ Compensation as well as a Business Owner’s Policy to more fully protect them against a wide range of risks that could affect their company.

Who might need Professional Liability insurance in Delaware?

Professional Liability insurance is for businesses and individuals who provide professional services, including designing solutions, giving clients advice, making educated recommendations or those who serve the needs of other people.

Delaware Professional Liability insurance may be required for the following occupations:

ArchitectsNotary Publics 
ConsultantsPersonal Trainers
Engineers Pilates Instructors 
Home Care Providers and BusinessesYoga Instructors 

There are many jobs and professions that can benefit from the benefits of a Delaware Professional Liability policy. A policy may be necessary to protect your small-scale business from liability claims if you provide services, advice or advocate for the rights of other people.

Is Professional Liability insurance required for Delaware businesses?

To obtain a license or to work in a specific area, professional associations might require members to carry minimum levels of Professional Liability coverage. You can find more information on Professional Liability insurance requirements through any professional association that you are a member of.

Clients might also require Professional Liability insurance to work with them. This insurance will usually be included in a contract for business. There is a chance that you will need to produce proof of insurance before you sign the contract or start working on your project.

It is still advisable to carry a Professional Liability policy even if you are not required to carry one. Without it, you’ll likely need to pay any claims for liability out of your own pocket, which could be financially devastating for your personal and business savings as well.

How much does Professional Liability insurance cost?

The price of Professional Liability insurance in Delaware can vary widely. The average cost for Professional Liability in Georgia is approximately $815 per year. Every Professional Liability policy covers a different type of business.

Insurance companies use a variety of factors to help determine the amount you will regularly pay to cover Professional Liability insurance (commonly called the “premium”). These are just a few of the factors that will affect the cost of Professional Liability insurance premiums.

  • The nature and risk of your business – just like any other type of insurance the more risk your company faces, the more expensive it will be to cover the risks.
  • The size and turnover your business. More complex projects, or higher volume of work, can increase your risk.
  • The persons who are covered. qualifications or suitability to perform their duties, as well as whether any claims have been filed against the individual
  • The field you work in
  • The history of your previous claims
  • The insurance coverage needed

Specialists in your field require specialized coverage to address specific needs. Professional Liability insurance could provide you with the security you require.

Does Professional Liability insurance include General Liability coverage?

General Liability covers injuries to the body and property suffered by customers, vendors and others. Professional Liability covers mishaps that result from missed deadlines or other events that are connected to your service.

Recommended reading: General Liability vs. Professional Liability insurance

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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