Professional Liability Insurance
in North Dakota

What is Professional Liability insurance?

Customers are having a harder time to be happy with the products and services they get due to the increase in competition. No matter how meticulous you may be in completing your task punctually, errors could quickly turn into a dispute that could lead to an action. Each time you offer clients advice or take on work with them, you inadvertently take on exposure to liability, too.

Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors.

You could face a lawsuit if a product that you created doesn’t perform as expected or your suggestions cause financial losses to the customer. It could be argued that there was an error in your work or that the work you performed wasn’t up to the mark. If you have Professional Liability insurance, you can protect your company and yourself from third-party claims that may be filed against you due to professional negligence or error.

What does Professional Liability insurance cover in North Dakota?

Even if a claim proves to be false, legal fees and court costs alone could amount to thousands of dollars. This financial burden could affect entrepreneurs with small businesses. Even worse the possibility of business closures or bankruptcy could result from liability claims.

You could save as much as depending on which type of coverage and the amount of coverage in the agreement. Professional Liability insurance could be a good alternative.

• Legal Costs – Securing competent legal representation isn’t inexpensive, and most lawyers charge an hourly rate.
• Court Costs This includes filing documentation with court, underwriting charges and administrative costs.
• Settlements If your client is willing to settle outside of court, you could be able to avoid a lengthy legal process, however you’ll still need to make a payment depending on your attorney’s advice.
• Judgments If your case goes to trial, and the plaintiff prevails the case, you’ll be required to pay the court the amount.

It is important to note that Professional Liability insurance in Roughrider State will cover you even if you are not the one to blame. Unsubstantiated claims can be as expensive to settle as claims that are legitimate. Protecting your business and reputation professionally by buying a Professional Liability insurance will make sure that you do not have to pay for the entire cost.

What isn’t covered by the policy?

Professional Liability insurance protects companies from typical risk that professional service providers could encounter. You should know that this insurance will not cover all risks. For events that are not covered by your insurance, you may need to look for other alternatives to cover such as:

• Property damage or loss of commercial property
• Property of clients damaged or property belonging to third party
• Work-related illness or injury for employees
• Your property could be the victim of injuries sustained by a third party
• Business interruptions

BizInsure offers additional forms of coverage that will aid your business in protecting itself from the risk factors mentioned above and more. To better protect your business from a range of risk that may affect them, North Dakota small-business owners may also consider General Liability and Workers’ Compensation.