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:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga 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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So very easy. What a great service.
Cherice Williams is the best and very easy to talk to 😊
The process was easy to maneuver.
Good service
Jennifer was amazing, informative and guided me to exactly what was needed to cover my business. Highly recommend.
First of all the agent I spoke with was very kind and helpful. Her name is Andrea. I appreciate the easy and quick online application to purchase my insurance.
I worked with Amy on getting professional insurance and she was fantastic! Some of the best customer service I’ve experienced in a long time. She was diligent and supportive, but never pushy.
The process was smooth and everyone answered questions along the way as needed. Andrea’s follow-up was excellent. Thank you!
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Super A rated and affordable coverage.
Dina and Ashleih were so helpful! They made our package work for us. Grateful for the quick service.
I want to thank you for making my insurance search so simple and efficient. I also appreciated the easy communication options, which helped me make the right purchase decision. I'm really grateful for your company's support!.
Jenifer S. was the agent that I worked withi to secure general liability insurance. She was very knowledgeable, helpful and worked diligently to ensure that.my coverage needs were met and for a great price. I would definitely recommend her to others as she was a pleasure to work with.
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Good customer service
Fast friendly professional service
Jennifer was fabulous. Quick & easy quote for GL/PL coverage and saved me money over previous policy. My wife referred me - she's always right!!
Representative was very kind, helpful, and educated me well. I especially appreciate their professionalism and patience.
Been with this company for about 4 years. They have provided me with excellent coverage, user-friendly technology and very low rate. As an accountant, they are my first choice for my small business clients.
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Thanks, you for your service
I want to say thank you for all the hard work the agent put in with me. She was glad to hear from me. Very pleasant to deal with and solved my needs
Thank you for your professionalism and patience and helpfulness with my insurance needs for my new business. Thank you, Amy Raley as well for all of your help - you are sincerely appreciated and you are an asset to BizInsure LLC!
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Easy to renew Policy
BizInsures insurance is easy and affordable. Employees are well courteous and professional.
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