Professional Liability Insurance
in Oregon

What is Professional Liability insurance?

The increasing competition means that customers are becoming harder to be satisfied with the products and services they purchase. Even if you’re meticulous when it comes to your work even tiny mistakes can result in an issue or claim. When you inadvertently provide advice to clients or accept work from them you expose yourself to risk.

A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing. Clients who claim financial loss because of your products, services, or employees are likely to file Professional Liability claims.

You could be sued if a product you’ve designed doesn’t work or if your advice results in the client suffering financial losses. The lawsuit could claim that there was a mistake in the work or that the work was not up to standard. If you are covered by Oregon Professional Liability insurance, you can protect your business and you can protect yourself from third-party claims that may be filed against you due to errors or negligence on the part of your employees.

What does Professional Liability insurance cover in Oregon?

Even if a claim proves to be false costs for legal and court costs can add up to thousands of dollars. The financial burden can also affect small business owners. The liability claims can cause the business to close or even go bankrupt in the most extreme cases.

The type of coverage that you select, as well as the limit set by your insurance contract, will determine how much Professional Liability insurance will cost you.

• Legal Costs – Securing competent legal representation isn’t inexpensive, and most lawyers have an hourly fee.
• Court Costs This covers filing documents at the courthouse, fees for underwriting administration costs, and other expenses related to it.
• Settlements – If your client agrees to settle out of court, you may be saved from a long-drawn-out litigation process, but you’ll still need to pay a fee based on the advice of your attorney.
• Judgments You’ll need to pay the court’s amount in the event of a trial.

Importantly, Personal Liability insurance in Oregon will cover your losses even when they’re not your fault. Unsubstantiated claims can be as expensive to settle as ones that have merit. The Professional Liability policy can aid in protecting your business’s image and cover the costs mentioned above so that you aren’t completely out of pocket.

What is not covered by the policy?

Professional Liability insurance protects companies from the most common risks. It is crucial to realize that this insurance doesn’t provide all the protection you may need. It may be necessary to look for insurance that covers certain events in different ways, like:

• Property damage or loss of commercial premises
• The property of a client is damaged or property of a third party
• Accidents or illnesses that are work-related for employees
• Your property could be the victim of third party injuries
• Business interruptions

BizInsure provides coverage to help protect your company from these and other risks. Oregon 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.