Professional Liability Insurance
in Oklahoma

What is Professional Liability insurance?

Clients are increasingly difficult to please because of the increasing competition. No matter how careful you are in the execution of your work, small mistakes could lead to an issue and eventually a claim. Inadvertently, every time you offer advice to customers or take work from them, you expose yourself to liability.

Professional Liability insurance protects you from claims raised due to unintentional mistakes made in the professional capacity. These policies can also be referred to as Errors and Omissions or E&O insurance. Clients typically file claims for Professional Liability against you if they suffer financial loss as a result your services, products or employees.

If a product that you created fails to function or your advice has resulted in a financial loss for your client, you could be the victim of a liability lawsuit. It is possible to be accused of making mistakes in your work or failing to perform as expected. But, Professional Liability insurance in Oklahoma can protect your company from lawsuits brought by third parties caused by professional negligence or errors.

What does Professional Liability insurance cover in Oklahoma?

Even if the claim is proven to be untrue, legal fees and court costs alone could amount to thousands of dollars. The financial burden can also affect entrepreneurs with small businesses. Liability claims can cause bankruptcy or even the closure of a business in extreme instances.

The type of coverage that you choose as well as the limit stipulated in 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 charge an hourly fee.
• Court Expenses This includes filing documentation in court, underwriting fees and administrative costs.
• Settlements If your client is willing not to appear in court, it could save you from an expensive and lengthy legal process. But, you’ll still have to pay a cost based on the advice of your attorney.
• Judgments However, if your case goes to trial and the verdict is in favor of the plaintiff, you’ll have to pay the amount as determined by the court.

Importantly, Professional Liability insurance covers you even though you aren’t at fault. The most common claims that are not justified are as costly to resolve than those with merit. Making sure that your reputation and business are protected professionally by purchasing a Professional Liability policy can ensure that you don’t end up paying for the entire cost.

What isn’t covered by the policy?

Professional Liability insurance protects many kinds of businesses from common risk exposures they may confront. It is important to know, however, that this insurance will not cover all risks. Other types of insurance may be required for certain events.

• The commercial property you own or your property
• The property of a client or a third party, damaged
• Work-related injuries or illnesses of employees
• You may sustain third-party injuries in your home
• Business interruptions

BizInsure provides additional types of insurance that can help your business protect against the risk factors mentioned above and more. Oklahoma small-scale business owners may also want to consider General Liability, Workers’ Compensation, and a Business Owner’s Policy to more fully protect them against a wide array of exposures that may affect their company.