Professional Liability Insurance
in Pennsylvania

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According to U.S. Small Business Administration Office of Advocacy, Pennsylvania has 1.1 million small business owners as of 2022. This is 99.6% of the state’s companies. Small businesses have contributed more than 395,775 new jobs to the state’s economy. They are therefore an important driver for Pennsylvania’s economic expansion.

The following are the five top industries Pennsylvania small-sized businesses ought to be looking into:

  1. Social Assistance and Health Care
  2. Accommodation and Food Services
  3. Construction
  4. Professional, Scientific and Technical Services
  5. Retail

Small businesses are discovering that they may need security measures to safeguard their growing business. Professional Liability insurance that can be used to safeguard the business they are developing.

What is Professional Liability insurance?

Clients are finding it harder to be happy with the services and products they get due to the increase in competition. Small errors can turn into a dispute, and consequently a case. When you inadvertently offer advice to customers or take work from them, you expose yourself to risk.

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.

A liability lawsuit could be brought against you in the event that the product that you developed is not performing or if you provided advice that caused financial loss to the client. The lawsuit could claim that there was an error in the work or that the work wasn’t up to par with. However Professional Liability insurance in The Keystone State will protect your company from lawsuits brought by third parties that are brought about through professional negligence or mistakes.

What does Professional Liability insurance cover?

Even if the claim is proven to be untrue, legal fees and court costs can add up to thousands of dollars. The financial burden can also have a negative impact on entrepreneurs with small businesses. Even worse, business closures and bankruptcy can result from claims for liability.

The type of coverage that you choose as well as the limit set in your insurance contract will determine the amount Professional Liability insurance will cost you.

  • Legal Costs – It’s not cheap to get competent legal representation. The majority of lawyers charge an hourly rate.
  • Court Expenses – This includes filing documentation in court, underwriting fees and administrative costs.
  • Settlements – You may be able to save yourself from long-drawn out litigation. However, depending on the advice of your attorney it is still necessary to pay.
  • Judgments If your case is decided in favor of the plaintiff in court You will be required to pay the amount determined by the court.

Importantly, Professional Liability insurance in The Keystone State will cover you even if not the one to blame. Baseless claims are often just as costly to resolve than those with merit. The Professional Liability policy will help you protect your business 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 helps protect many kinds of businesses from typical risk-related risks they could confront. However, it’s important to know that it does not guarantee your company’s protection for all eventualities. You may need to seek out other forms of insurance for certain events, such as:

  • Damage to commercial or residential property
  • Property of clients damaged or property belonging to third party
  • Workers’ work-related injury and illness
  • Your premises may be the target of injuries sustained by a third party
  • Business interruptions

BizInsure will provide additional insurance to safeguard your business from these risks and others that small-sized businesses are exposed to. Pennsylvania small business owners may want to consider General Liability, Workers’ Compensation or a Business Owner’s Policy to protect themselves against a broad variety of potential risks.

Who may need Professional Liability insurance in Pennsylvania?

Professional Liability insurance applies to businesses and individuals who offer professional services, such as designing solutions, giving clients advice, making educated recommendations or those who represent the needs of other people.

Professions that may consider Professional Liability insurance in Pennsylvania include but aren’t limited to:

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

It is evident that a wide range of occupations and professions might benefit from having a Professional Liability policy in Pennsylvania. If your small business provides assistance or other services, represents the interests of others on their behalf, or engages in other activities that expose you to liability claims, then you might want to think about putting an insurance policy in place to safeguard your business and you.

Professional Liability insurance requirements in Pennsylvania

Professional associations may require their members to hold minimum levels of Professional Liability insurance to be licensed and work in the field. Find out more information about Professional Liability insurance requirements on the websites of any professional associations to which you are a member.

Clients may also require you to have Professional Liability insurance in order to collaborate with them. This insurance will usually be included in a contract for business. Sometimes, proof of insurance may be required before you sign the contract.

It is nevertheless advisable to have a Professional Liability policy even though you aren’t legally required to. Without it, you’ll likely have to pay for any liability claims from your own pocket, which could be financially damaging to your business and personal savings as well.

How much does Professional Liability insurance cost in Pennsylvania?

The cost of Professional Liability insurance in PA is subject to a wide range of variations. Every policy is unique since they are designed to meet the needs of small-sized businesses. However, the average annual cost of Professional Liability insurance for small companies in Pennsylvania is around $623.

Insurance companies consider a range of factors when determining the price you pay for Professional Liability insurance. This is commonly known as the “premium”. These are some of the elements that affect the cost of Professional Liability insurance premiums.

  • The nature of your business and the amount of risk you face. The cost of insurance is high regardless of risk.
  • The size of your business and the turnover or bigger projects could increase the risk you face.
  • The people who are covered – The person’s qualifications and suitability to perform their duties. If any claims have been filed against the person in the past.
  • The field in which you work.
  • The history of your previous claims
  • The required insurance coverage

A special insurance coverage is needed for specialists. This insurance can give you the essential security you require.

What is the difference between Professional Liability and E&O coverage?

Professional Liability insurance and Errors and Omissions (E&O) insurance both provide the same coverage. It can protect your business against claims of misrepresentation or error, as well as negligence. It can cover the costs of defense as well as any damages or settlements that result from a lawsuit.

Recommended reading: Professional Liability vs E&O insurance

How to get Professional Liability insurance for Pennsylvania business?

With BizInsure, it is simple to compare Professional Liability and find the reliable insurance policy in the U.S. BizInsure will help you get suitable protection that fits your budget.

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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