Professional Liability Insurance
in Vermont

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According to the U.S. Small Business Administration Office of Advocacy 2022, Vermont is home to more than 78,883 small businesses. These small businesses are a vital element of The Green Mountain State’s economy, comprising 99 percent of companies and adding over 21,276 new jobs to the state.

The top five industries in Vermont’s state for small-sized businesses are:

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

Whatever industry you are working in, you’ll want to protect your small company from the most common risks. Professional Liability insurance is a method to achieve this. A policy can help protect many different industries and professions from claims that might otherwise end up financially damaging to your operations.

What is Professional Liability insurance?

Vermont’s Professional Liability Insurance is an excellent alternative for small businesses who offer professional services to clients or provide advice to them.

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. The most common claim is that the product, service or employees of your company have caused financial damage to your customers.

Imagine, for instance, that you offered a professional service that didn’t please the needs of your customer. They have suffered financial and personal damage as a result of using your service and, as a result they decide to file a lawsuit against your company. In this situation the Professional Liability insurance policy can help you cover the expenses you incur while defending your company.

What does Professional Liability insurance cover?

Professional Liability insurance in Vermont protects against:

  • Errors or mistakes
  • Omission
  • Deadlines that are missed
  • Services not delivered
  • Negligence
  • Contract breach

The Professional Liability policy will cover legal expenses incurred to defend your company in the event of you are sued by you. The policy will cover lawyer’s costs, underwriting and documentation costs, administrative expenses, settlements and judgments.

In Vermont, Professional Liability insurance protects you from all kinds of losses, both actual and alleged caused by your work. Even if a case is ineffective, it can nevertheless be expensive. A Professional Liability insurance policy shields your business from legal costs. Without a policy, you would be responsible for these expenses, which could potentially result in bankruptcy or closure. In the event of a catastrophe, you could also need to draw from your personal savings to pay the legal costs.

What is not covered?

Many small-scale businesses benefit from Professional Liability insurance. However, it does not shield you from every risk your business might face. Other forms of insurance coverage could be necessary to safeguard your business.

This and other types of insurance are available to small business owners in Vermont.

  • General Liability also known as Commercial General Liability (CGL) or “slip and fall coverage” It can help protect your business from physical injury or property damage lawsuits from outside parties.
  • Business Owner’s Policy – Often shortened to BOP, this is an insurance product that blends General Liability as well as Business Personal Property insurance to shield small businesses from expensive service interruptions.
  • Workers’ CompensationWorkers’ Compensation insurance protects against lawsuits and medical costs that may result from workplace injuries and illnesses. It could also pay compensation for lost wages as a result of the work injuries that an employee sustains.

Who may need Professional Liability insurance?

There are many kinds of professionals and businesses that may benefit from having Professional Liability insurance in Vermont. This includes ventures that are involved in giving advice based on specific expertise or knowledge, making educated recommendations in the design of solutions, or representing the needs of other people on their behalf.

Professional Liability insurance safeguards your business assets, profits, and reputation from potentially huge litigation costs (whether they are justified or not).

The following professions may consider Professional Liability insurance:

ArchitectsNotary Publics 
ConsultantsPersonal Trainers
Engineers Pilates Instructors 
Home Care Providers and BusinessesYoga Instructors 

You can see the different types of professionals that typically buy Professional Liability insurance can be diverse. If you are unsure if this kind of insurance is suitable for you and your company, it may help to look at the nature of your job.

Businesses or individuals who engage in the following activities should consider having Professional Liability coverage:

  • Regularly provide advice or suggestions to your customers.
  • Create solutions or products that are distinctive for customers and their customers
  • Represent the interests of a client on their behalf
  • Other professional services available to clients and customers
  • Employers who can do all of the above are encouraged.

Washington business Professional Liability insurance requirements

Professional associations sometimes require their members to be covered by Professional Liability insurance. Making sure that they have the minimum coverage may be a necessary step in obtaining and renewing a professional license or working in the field. The website of your professional association will typically include information about their insurance requirements.

Clients could also request that you carry Professional Liability insurance before they begin working with you. This clause could be in contracts with businesses and may also require proof of insurance prior to start working with a client.

Even if you are not required to have Professional Liability insurance, it might still be beneficial to have a policy. Customers may expect the businesses or the professionals they employ to have insurance coverage. The policy represents your professionalism and shows customers that you care about your reputation as a business and are prepared to defend it should it be needed.

How much does Professional Liability insurance cost in Vermont?

The price of Professional Liability insurance is heavily influenced by the kind of profession it protects. The average cost of Professional Liability coverage in Vermont is $739 per year. Generally speaking, the riskier a job, the more expensive the cost of business insurance.

Other crucial factors in determining the price of Professional Liability insurance include:

  • Your business turnover and size Contracts that are larger typically mean taking on more risk.
  • The quantity of insurance you need The more insurance coverage you require the higher you could expect to pay.
  • The individuals being covered – Are they certified for the task they’re performing and do they have a previous history of coverage?
  • Your individual claims history – An occurrence of similar claims in the past can increase the amount you are charged for a policy.

Is Professional Liability the same as E&O coverage?

Both Professional Liability insurance and Errors and Omissions (E&O) insurance give the same type of protection. This insurance is able to protect your business from claims of negligence, fraud and errors. The policy will cover both the cost of defending an action and damages or settlements.

Recommended reading: E&O insurance vs Professional Liability insurance

How to obtain Professional Liability coverage in Vermont?

BizInsure makes it easy to compare Professional Liability policies from the top-rated carriers in the US. Obtain comprehensive protection at a cost suitable for your small business.

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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