Professional Liability Insurance
in Michigan

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According to U.S. Small Business Administration Office of Advocacy, Michigan has 911,914 small-business as of 2022. This is 99.6 percent of Michigan small businesses. Small businesses are a major factor in Michigan economic expansion. They have added nearly 288,900 jobs to the state economy.

The top five industries in Michigan 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 The Great Lakes State grows, more small businesses begin to take advantage of the boom in business. Many may need to ensure that their business is secure. Businesses can protect their work by securing Professional Liability insurance.

What is Professional Liability insurance and how does it work?

The increasing competition means that customers are becoming harder to please when it comes to the products and services they purchase.

No matter how careful you are when completing your task, even small errors could lead to an issue and eventually a claim. Every time you give clients advice or accept work with them, you inadvertently expose yourself to a liability claim.

This is where Professional Liability insurance steps into the picture.

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.

That way, you can have peace of mind when giving advice.

What does Professional Liability insurance cover in Michigan?

Even if the claim is not legitimate, legal fees and court costs can easily run into the thousands. Small-scale business owners may be affected by the financial burden. In the worst-case scenario, liability claims can cause bankruptcy or even business closure.

The type of coverage that you select, and the amount stipulated by your insurance contract will determine how much Professional Liability insurance will cost you.

  • Legal Costs – Securing competent legal representation doesn’t come inexpensive, and most lawyers cost an hourly fee.
  • Court Costs– This includes filing documentation in court, underwriting fees and administrative costs.
  • Settlements – If your client is willing not to appear in court, it may help you avoid a lengthy and expensive legal process. But, you’ll be required to pay a fee depending on the advice of your lawyer.
  • Judgments – However should your case go to trial and the verdict is to be in the favor of the plaintiff you will have to pay the amount as determined by the court.

Importantly, Professional Liability insurance in Michigan will cover your losses even when they are not at responsibility.

The most common claims that are not justified can be as costly to resolve than those with merit. The Professional Liability policy will aid in protecting your business’s image and cover the costs mentioned above to ensure that you don’t end up completely out of pocket.

What isn’t included?

Professional Liability insurance protects businesses from common risk exposures. It is important to be aware that this insurance will not cover all risks. You may need to seek out other forms of insurance for certain events, such as:

  • Property and commercial premises that may be damaged
  • Damage to client property or property belonging to third party
  • Employee work-related injury or illness
  • Third party injuries
  • Business interruptions

BizInsure offers additional forms of coverage that will aid your business in protecting itself from the risk factors mentioned above and more. The Great Lakes State small business owners may want to consider General Liability insurance, Workers’ Compensation insurance, or a Business Owner’s Policy to protect themselves against a broad range of possible exposures.

Who may need Professional Liability insurance in Michigan?

Professional Liability insurance is available to individuals and businesses that offer professional services.

Michigan professionals might require professional insurance for liability. The professions covered by this insurance include, but are not limited:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 

It is evident that a wide variety of professions and occupations could benefit from having a Professional Liability policy in Michigan. It is possible to think about a policy to safeguard your company and yourself in the event that your business provides assistance or products, serves other’ interests, or engages in other activities that could make you liable to claims.

Professional Liability insurance requirements for Michigan businesses

Certain professional organizations require members carry a minimum Professional Liability coverage in order to be certified and employed in their area. If there are any Professional Liability rules, you will get information on the website of the organization.

Clients may also require that you have Professional Liability insurance in order to work with them. This will typically be included in a contract for business. Prior to you sign the contract and launching working on the project you may need to provide proof of insurance.

It is still advisable to have a Professional Liability policy even in the absence of a requirement to have one. Without it, you may likely need to pay any claims for liability out of your own pockets and this could be financially devastating for your personal and business savings too.

How much does Professional Liability insurance cost in Michigan?

Every Professional Liability policy is different because each one is tailored to the particular requirements of the small-sized business they cover. The price of Professional Liability insurance for small businesses in The Wolverine State is $697 per year.

Insurance companies consider a range of elements in determining the amount you pay for Professional Liability insurance. This is commonly known as the “premium”. These are the elements that affect the price of the Professional Liability insurance premium:

  • The nature of your business and the degree of risk involved – Like any kind of insurance, the higher the risk, the higher the cost to meet those risk.
  • The size and turnover your business. Larger projects, or higher volume of work, can increase your risk.
  • The persons who are covered – The person’s qualifications and suitability to perform their obligations. If any claims were filed against the person previously.
  • Your industry
  • The history of your past claims
  • The amount of coverage that is required

Specialists in your field will require specialized coverage to meet specific requirements. You could be eligible to purchase Professional Liability insurance that will give you the protection you might need.

How to get Professional Liability coverage for Michigan business?

With Bizinsure, it is easy to compare Professional Liability policies from the top-rated U.S. Insurance Companies and get the most secure protection at an affordable cost.

Recommended reading: Errors and Omissions 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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