Professional Liability Insurance
in West Virginia

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West Virginia has more than 111,614 small-scaled businesses, according to the most recent statistics released by the U.S. Small Business Administration Office of Advocacy 2022. Small-sized enterprises are a key part of the state’s economy, accounting for 99.8% of businesses, and contributing over 214,500 new jobs

The top five industries in West Virginia for small-sized businesses are:

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

You’ll probably want to safeguard your business against common risks regardless of the field you work in. Professional Liability insurance is a method to achieve this. This policy will protect you from claims that could be devastating for your company.

What is Professional Liability insurance?

Small businesses that provide professional services or give advise to customers should think about buying Professional Liability insurance in West Viginia.

Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors.  It is usually alleged that the product, service or employees you provide to your customers caused financial harm to your clients.

Imagine, for example, that you provided an efficient service for your client, but it was not suitable. After making use of your service the client suffered both personal and financial damage. They bring a lawsuit against you. A Professional Liability policy will cover the costs associated with defending your company.

What does Professional Liability insurance cover?

Professional Liability insurance in West Virginia protects against:

  • An error or a mistake
  • Omission
  • Deadlines missed
  • Services that are not delivered
  • Negligence
  • Breach of contract

If a lawsuit or claim is filed against your company which is related to any of these or similar allegations, your Professional Liability insurance policy will pay for your legal expenses while defending your company. The policy covers attorneys’ fees, underwriting and documentation charges, administrative costs, settlements and judgments.

Importantly, Professional Liability insurance in West Virginia provides protection against the actual and alleged losses that result from your work. Lawsuits can be expensive, regardless of whether they have merit or not. A Professional Liability insurance policy shields your business by covering legal costs. It is your responsibility to pay the cost without having a policy. This could result in bankruptcy or a business’s failure. In a worst-case scenario you could also need to dip into the savings of your own to cover your legal expenses.

What is not covered?

Professional Liability insurance is a crucial protection for many small companies. But, it cannot guarantee you protection against every risk your business may face. Other types of insurance coverage might be necessary to fully ensure the security of your company.

Small business owners from West Virginia may want to consider these or other forms of insurance plans to meet their business insurance needs:

  • General Liability also referred to as Commercial General Liability (CGL) or “slip and fall coverage” It can help protect your business from bodily injury and property damage lawsuits brought by outside parties.
  • Business Owner’s Policy – The Business Owner’s Plan (BOP) is a blend of policies that combines covers such as General Liability insurance and personal property coverage, to safeguard small businesses from expensive interruptions to services.
  • Workers’ CompensationWorkers’ Compensation insurance protects against lawsuits and medical costs that may arise due to workplace accidents or illnesses. The insurance may pay for the loss of wages in case employees are injured at work.

Who may need Professional Liability insurance?

In The Mountain State, Professional Liability insurance is advantageous to many types of businesses and professionals. It is a good idea to include companies that engage in providing advice based on specific expertise or knowledge, making educated recommendations, designing solutions, or expressing the needs of others on their behalf.

Professional Liability insurance safeguards your company’s assets, profits and reputation from huge legal costs (whether they’re justified or not).
Professions that may need Professional Liability insurance include:

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

As you are able to see, the categories of professions that typically buy Professional Liability insurance vary. You might want to think about the nature of your work when you’re unsure if this type of insurance is the right one for your company and.

Business owners or individuals who are involved in the following activities should consider the following coverages for Professional Liability:

  • Give advice or recommendations regularly to customers.
  • Custom-designed products or solutions for customers and clients
  • Represent the client’s interest on their behalf
  • Provide other professional services to customers and clients
  • Employers who can do all of the above are encouraged.

Do businesses in West Virginia need Professional Liability insurance?

Professional associations often require their members to have Professional Liability insurance. Ensuring minimum levels of insurance can be an essential step towards obtaining and renewing your professional license or working in the field. The website of your professional association should provide information about their insurance requirements and requirements, if they exist.

Clients may also require you to have Professional Liability insurance to work with them. This clause could be written in business contracts and require proof of insurance prior to begin working with the client.

It could be an excellent idea to buy Professional Liability insurance, even though it’s not required. A lot of customers want to know that the companies or professionals they employ have insurance. The policy demonstrates your professionalism and shows your clients that you care about your reputation as a business and are prepared to defend it, if required.

How much does Professional Liability insurance cost in West Virginia?

The price of Professional Liability insurance could be quite different. However, in The Mountain State, though the annual average price of a policy is approximately $626, it depends on your business type.

The costs of Professional Liability Insurance is heavily influenced by the kind of work it covers. The riskier the occupation, the higher the cost for insurance.

The following elements are important when determining how much Professional Liability insurance costs:

  • The size and turnover of your company – more contracts typically mean higher risk.
  • The amount of insurance coverage you need The more insurance coverage you require and the greater amount you can expect to pay.
  • The individuals who are covered Are they qualified for the job they are performing, and do they have a previous history of coverage?
  • Your personal claims history. If you’ve made similar claims in the past policies, the price of your insurance policy could be more expensive.

Does Professional Liability provide the same protection as E&O cover?

Professional Liability insurance and Errors and Omissions (E&O) insurance offer the same type of protection. It can protect your business against claims based on negligence or fraud as well as negligence. It will cover the cost of defense as well as settlements or damages resulting from a lawsuit.

Recommended reading: E&O insurance vs Professional Liability insurance

How to get Professional Liability insurance in West Virginia?

It’s simple to compare Professional Liability insurance policies and from reliable insurance provider in the U.S. BizInsure will help you find comprehensive cover 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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