Professional Liability Insurance
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According to the U.S. Small Business Administration’s Office of Advocacy (SBA) There are 313,257 small businesses in Nevada which account for 99.2% of the total number of the sate businesses. Small businesses have contributed more than 143,850 new jobs to the state’s economy. They are therefore an important driver for Nevada’s economic expansion.
Nevada’s top five industries for small businesses include:
- Health Care and Social Assistance
- Accommodation and Food Services
- Professional, Scientific and Technical Services
As increasing numbers of small-scale companies take advantage of the booming Nevada economy, many will find that they may require an insurance plan to safeguard their expanding enterprise. Businesses can look at safeguarding their work with Professional Liability insurance.
What is Professional Liability insurance?
Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.
What does Professional Liability insurance cover in Nevada?
Even when a claim appears unfounded, legal fees and court costs can still amount to thousands of dollars. Small-scale business owners could feel the financial impact on their company and unfortunately face business closures and bankruptcy could result from liability claims.
Depending on the type of coverage you choose, and the limit agreed in your insurance contract, Professional Liability insurance may protect your business from:
- Legal costs Finding a an experienced legal professional isn’t an easy task. Lawyers usually charge an hourly fee.
- Court Expenses– This includes filing documentation in court, underwriting fees and administrative expenses.
- Settlements It is possible to avoid drawn out litigation. But, based on the advice of your attorney, you will still need to make a payment.
- Judgments You will need to pay the amount of the court if the case goes to trial.
Importantly, Professional Liability insurance in Nevada may cover you even if not the one to blame. Baseless claims can be equally costly to settle as claims that have merit. A Professional Liability policy will protect your business and professional reputation by paying for the above, so you are not with a huge bill for these expenses.
What is not included?
Professional Liability insurance may protect companies from common risks but it may not protect against all risks. Take some time to consider other forms of insurance for specific events, like:
- Damage to property or loss of commercial premises
- The property of a client or another third party
- Work-related illness or injury for employees
- Injuries to third parties on your premises
- Business interruptions
BizInsure will provide additional insurance to safeguard your business from these risks and others that small-sized businesses are exposed to. Small-scale business owners might want to consider General Liability, Workers’ Compensation, or a Business Owner’s insurance policy to safeguard themselves from a wide variety of potential risks.
Who may need Professional Liability insurance?
Professional Liability insurance may be applicable to businesses and individuals who provide professional services.
Nevada professionals might require professional insurance for liability. The professions covered by this insurance include, but are not limited:
|Home Care Providers and Businesses||Yoga Instructors|
Professional Liability insurance may benefit a wide range of professions and occupations. Consider a policy to protect you and your business in the event that your business may be involved in providing advice or services to other people as well as representing their interests, or performing other tasks that could lead to liability claims.
Professional Liability insurance requirements for Nevada businesses
Some professional associations require that members have the minimum amount of Professional Liability insurance to be licensed and work in their field. If there are any Professional Liability requirements, you can find information on the website of the association.
You may be required to have Professional Liability insurance if you are working with clients. It is usually written into a business contract and it might be possible that you need to produce evidence of your insurance prior to signing the contract, or start work on your project.
Although it’s not required, it may be beneficial to carry Professional Liability coverage. Having peace of mind that you have financial protection in place is something that helps but many small businesses owners minds at ease.
How much does Professional Liability insurance cos in Nevada?
Professional Liability insurance costs can vary greatly. Every policy is unique since they are designed to meet the needs of small-sized businesses. The average annual cost of Professional Liability insurance in The Silver State is approximately $655.
Insurance companies use a variety of elements to determine the amount you will typically be charged to cover Professional Liability insurance (commonly known as the “premium”). The main factors that determine the price of the Professional Liability insurance cost are:
- The nature of your business and the degree of risk you are taking The cost of insurance is high regardless of the risk.
- The size and turnover of your company – More projects or more work volume increases your exposure to risk.
- The persons who are covered. abilities or ability to perform their duties, as well as whether any claims have been filed against the individual
- Your business
- Your previous claims history
- The amount of coverage that is legally required
You will may require unique insurance to meet the conditions of specialists in your area of expertise. Professional Liability insurance can give you that invaluable security you require.
What is the difference between Professional Liability and E&O insurance?
Errors And Omissions insurance and Professional Liability insurance are the same thing. It can protect you against accusations of negligence, error or misrepresentation. It could pay for your defense costs and any settlements or damages as a result of the complaint.
Recommended reading: General Liability vs. Professional Liability insurance
How to get Professional Liability insurance in Nevada?
BizInsure allows you to compare Professional Liability policies with the highest-rated U.S. insurance companies, and get suitable security for your small business at a reasonable
Learn more about Professional Liability insurance in the states where you work.
This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
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.