Professional Liability Insurance in Utah

  • Compare prices in minutes, with no obligation to purchase
  • Purchase online to instantly receive your coverage confirmation
  • Access only top-quality insurance companies (A-rated or better)

Get instant quotes

According to the U.S. Small Business Administration Office of Advocacy, Utah has more than 324,821 small business. Utah’s economy is driven by small-scale businesses comprising 99.8 percent of businesses. In addition, they added 181,084 new jobs during 2022.

The top five industries in Utah small businesses include:

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

Regardless of the industry you are working in, you’ll want to safeguard your business from common risks. Insurance for Professional Liability is one method of doing this. The policy protects your company from claims that could end up being devastating to your company.

What is Professional Liability insurance?

Utah’s Professional Liability insurance is a great option for small businesses that provide professional services to clients or assist them.

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. It protects you and your business from accusations of negligence, mishap or misrepresentation. It usually involves proving that your products, services or employees you provide to your customers cause financial harm to your customers.

Imagine, for instance that you gave an expert service to a client that was not suitable. They suffered financial and emotional injuries as a result of your offer and, as a result they bring a suit against your company. In this case, a Professional Liability insurance policy will help you meet the expenses for defending your business.

What does Professional Liability insurance cover in Utah?

Professional Liability insurance in Utah covers you against any claims involving:

  • Error or mistake
  • Omission
  • Deadlines that are missed
  • Undeliverable services
  • Negligence
  • Breach of contract

If a lawsuit or claim is filed against your company alleging any of the above circumstances, the Professional Liability insurance policy will cover your legal costs incurred in defending your business. This includes attorneys’ charges, fees for documentation and underwriting charges, administrative costs, settlements, and judgements.

In Utah, Professional Liability insurance will protect you from both real and alleged losses that may result from your work. Even if a case is unfounded, it can still be costly. A Professional Liability policy will protect your business’s finances by paying relevant legal fees. Without a policy, you would be responsible for these expenses that could lead to bankruptcy or business closing. If the worst happens you could also need to tap into your savings account to pay your legal expenses.

What is not covered?

Professional Liability insurance offers important insurance protections to small businesses. It does not cover all the risks your business could face. In order to fully safeguard your business, you may have to purchase other types of insurance.

This and other types of insurance are available to small business proprietors in Utah.

  • General Liability – This insurance covers your business from lawsuits that involve physical injury or property damage.
  • Business Owner’s Policy – The Business Owner’s Policy (BOP), is an insurance product that blends General Liability and Business Personal Property coverage to safeguard small businesses from costly service interruptions.
  • Workers’ Compensation – The Workers’ Compensation insurance protects against lawsuits and medical costs that may result from workplace injuries and illnesses. They can also be liable for lost wages as a result of the injuries an employee sustains.

Who may need Professional Liability insurance?

In The Beehive State, Professional Liability insurance can be beneficial for a wide range of businesses and professionals. It is a good idea for businesses that provide guidance or provide educated suggestions using specific information or skills, and design solutions, or meet the requirements of others on behalf of.

Professional Liability insurance can safeguard your professional reputation, profitability, and business assets from the expense of litigation (whether justified or not).

Professions that could require Professional Liability insurance are:

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

As you can see, the kinds of jobs that require Professional Liability insurance are diverse. You may want to consider the type of work you job in case you’re not sure if this type of insurance is appropriate for your company and.

Individuals or businesses that engage in the following activities should consider getting Professional Liability insurance:

  • Provide regular advice or suggestions to customers.
  • Create products or customized solutions for customers and clients
  • Represent a client’s interests on their behalf
  • Other professional services available to clients and customers
  • Employ other employees who are guilty of any of the above

Professional Liability insurance requirements in Utah?

Professional associations sometimes require their members to be covered by Professional Liability insurance. Maintaining minimum levels of coverage may be a necessary step to renewing or obtaining a professional certificate or a position in the industry. Your professional association’s website will include information on the insurance requirements of their members in case they have any.

Clients may also insist that you have Professional Liability insurance before they work with you. This requirement could be incorporated in contracts for business and you may be asked to provide proof of insurance before commencing work on behalf of the client.

Even if you are not required to have Professional Liability insurance, it may still be beneficial to have a policy. Many customers expect that the professionals or businesses they hire have insurance. A policy communicates your professionalism and shows customers that you value your business reputation and are ready to defend it should it be required.

What is the cost of Professional Liability insurance in Utah?

Professional Liability insurance costs can vary significantly. In The Beehive State however, the annual average price of Professional Liability coverage is approximately $872.

The costs of Professional Liability insurance are greatly influenced by the type of occupation that it covers.
Other factors that play a part in determining the price of Professional Liability insurance include:

  • The amount and the turnover of your business – bigger contracts typically mean higher risk.
  • You’ll have to pay more for more insurance.
  • The individuals who are covered Are they competent for the work they’re doing Do they have an earlier history of coverage?
  • Your personal claims history. If you’ve made similar claims before policy, the amount of your insurance may be greater.

Is Professional Liability the same as E&O coverage?

Professional Liability insurance and Errors and Omissions (E&O) provide the same type of protection. It can protect your company from claims arising from negligence, fraud or errors. It will pay for the cost of defense, as well as any damages or settlements that result from litigation.

Recommended reading: E&O insurance vs Professional Liability insurance

How to obtain Professional Liability coverage in Utah?

BizInsure makes it easy to compare Professional Liability policies and find the coverage suitable for your small business. Obtain comprehensive coverage at a low price.

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.
© Copyright 2023 BizInsure LLC, 2015 ALL RIGHTS RESERVED BizInsure LLC; CA DBA: Simple, Smart, BizInsure Insurance Agency LLC; NY DBA: BizInsure Services LLC; NH DBA: Simple, Smart, BizInsure Insurance Agency; PA DBA: BizInsure Services LLC. 2950 Buskirk Ave Suite 300, Walnut Creek CA 94597. License #0H81929
great customer services.
This company allowed us an amazing experience, including very efficient, detail-oriented, and patient guidance from their commercial sales agent, Jenifer. I highly recommend this service for anyone in need of a business insurance policy.
Jennifer was very helpful and great to work with.
Very professional, fast and reliable. I appreciate their knowledge and experience. They have made this journey easier for me.
Very easy to renew! Thank you
super quick and easy process!
I am very satisfied with Bizinsure. No regrets
Very professional, easy, and thorough application process.
BizInsure is efficient and price friendly. I definitely reccommend them to anyone. Thank you.
Very easy to work with, cost effective, prompt renewal and easy to get certificates of insurance instantly. I use them exclusively for my professional and general liability insurance needs as a consultant.
Great process and very efficient.
Friendly and very fast service!
Jennifer Whiscombe, is an amazing agent. She was very knowledgeable, thorough and friendly. I highly recommend.
They make it very easy to buy insurance and renew.
As a business owner I love not wasting time. Thank you so much for giving me more time
Very straight forward, the cost of coverage amount made sense, simplicity was appreciated.
Always easy. Thank you.
A Company that is easy to deal with and that I have used for several years. I appreciate the continued support.
Very easy and affordable!
Responsive and professionalCompetitive price. I highly recommend Bizlnsure as an insurance provider
Your service is easy to renew as needed and your company informs the client in advance for renewal.
It has been a pleasure doing business with Biz Insure Llc.Their representatives are very courteous, helpful and customer service oriented.
Quick and easy....
I follow the instructions & would prefer to paid every month. I did not have the options to pay every month.
Thank you, Amy, for making my experience enjoyable and funny. Thank you so much for your kindness!!!
I'm pleased with the business quote I received from Bizinsure LLC. Thank You!
Very satisfied with the online experience
Been a happy customer for years! Easiest company to receive a quote and get insured. No hassles! Easy payment! Finance plans, if needed!
Love it
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
The agent was quick and efficient in generating a quote for my needs.
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Very easy to sign up for insurance.
Great company
Fast and efficient!
js_loader
Google Rating
4.7
Based on 279 reviews
×
js_loader