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
So very easy. What a great service.
Cherice Williams is the best and very easy to talk to 😊
The process was easy to maneuver.
Good service
Jennifer was amazing, informative and guided me to exactly what was needed to cover my business. Highly recommend.
First of all the agent I spoke with was very kind and helpful. Her name is Andrea. I appreciate the easy and quick online application to purchase my insurance.
I worked with Amy on getting professional insurance and she was fantastic! Some of the best customer service I’ve experienced in a long time. She was diligent and supportive, but never pushy.
The process was smooth and everyone answered questions along the way as needed. Andrea’s follow-up was excellent. Thank you!
Jen was awesome
I have been with Bizinsure for many years and they are always up to date with the latest policy information and the most competitive rates!
My interaction with the agent was very pleasant and she answered my questions. She also responded very quickly when I had questions.
BizInsure understood exactly what I needed and provided an affordable quote. The process was easy and I'm glad I used their services!
Our company has been with BizInsure since 2020. we are very happy with the service they provide.
Just started but the process was easy. Agent was kind and the price was great.I will see how the service is going forward, but starting was very easy and inexpensive.
Customer service was great! I got the help I needed!
Super A rated and affordable coverage.
Dina and Ashleih were so helpful! They made our package work for us. Grateful for the quick service.
I want to thank you for making my insurance search so simple and efficient. I also appreciated the easy communication options, which helped me make the right purchase decision. I'm really grateful for your company's support!.
Jenifer S. was the agent that I worked withi to secure general liability insurance. She was very knowledgeable, helpful and worked diligently to ensure that.my coverage needs were met and for a great price. I would definitely recommend her to others as she was a pleasure to work with.
The agent was very knowledgeable and was very quick in handling my request.
Good customer service
Fast friendly professional service
Jennifer was fabulous. Quick & easy quote for GL/PL coverage and saved me money over previous policy. My wife referred me - she's always right!!
Representative was very kind, helpful, and educated me well. I especially appreciate their professionalism and patience.
Been with this company for about 4 years. They have provided me with excellent coverage, user-friendly technology and very low rate. As an accountant, they are my first choice for my small business clients.
Absolutely the easiest, absolutely the fastest, the best I can tell the lowest cost. For many businesses, Insurance is a dirty word, because it's complicated and we're actually so busy minding our business that when complicated insurance issues get in the way, it slows us down. But not with these guys. Biz Insure LLC has figured it out and thank goodness they have...
Thanks, you for your service
I want to say thank you for all the hard work the agent put in with me. She was glad to hear from me. Very pleasant to deal with and solved my needs
Thank you for your professionalism and patience and helpfulness with my insurance needs for my new business. Thank you, Amy Raley as well for all of your help - you are sincerely appreciated and you are an asset to BizInsure LLC!
I have been using Bizinsure for several years and find the ease of renewing as well as generating additional insured certificates to be easy and useful, especially as a sole prop. thank you
Agent was precise and clear with explanation. Getting a quote was fast and easy. Thank you
Easy to renew Policy
BizInsures insurance is easy and affordable. Employees are well courteous and professional.
js_loader
Google Rating
4.7
Based on 368 reviews
×
js_loader