Get Colorado professional liability insurance quotes, cost & coverage fast. Also known as errors & omissions insurance (E&O), it covers CO legal costs when a client sues you over your services or advice including negligence, work mistakes, & undelivered services.
CO Errors And Omissions Insurance
If you are an expert in a particular field and you use your expertise to make a living, than you are going to want to protect yourself with Colorado professional liability insurance. Also known as errors and omissions insurance (E&O), professional liability coverage can help to pay for any expenses that you may incur in the event that someone you offer your services to decides to file a lawsuit against you.
For example, if you are an CO architect and a client isn't satisfied with the quality of the work that you delivered, he or she may decide to take legal action. If you have Colorado professional liability insurance coverage, you won't have to pay for those legal expenses out of your own pocket.
Does My Business Need Colorado Professional Liability Insurance?
Anyone who offers expertise and uses it to make a living should have errors and omissions insurance. Some examples of professionals who should have Colorado professional liability insurance include:
- Medical professionals
- Real estate agents
- IT professionals
Compared to general liability which protects your business against 'physical' type of claims like slip and fall, professional liability can cover you from professional mistakes that cause a third party 'financial' losses.
What Does Colorado Professional Liability Insurance Cover?
Errors and omissions insurance offers protection for the following:
- Work Errors. If one of your clients sues you because an error that was made on your behalf ended up costing him or her money, professional liability insurance will help to pay for your client's losses.
- Negligence. If your work doesn't live up to the standards in your industry, errors and omissions insurance will assist with paying for any legal expenses that you may incur if a client decides to sue you.
- Undelivered Services. If your work doesn't deliver on the promises that you made to a client, CO professional indemnity insurance will help to cover any expenses that may be associated with a breach of contract lawsuit that may be filed against you.
Protection Against Work Mistakes - No matter how hard you may try to avoid them, mistakes happen even, and they can happen to even the most experienced and knowledgeable experts. What happens if your mistake ends up costing a client money? They could end up pursuing legal action and file a lawsuit against you. If that happens, professional liability insurance is essential. This type of insurance covers the cost of any legal fees that you may be end up facing, such the cost of an attorney, court fees, and settlements that may be awarded to the person who filed the lawsuit.
Protection for Undelivered Services - Unfortunately, not all projects end up coming out the way that they are intended to. For example, if you promised a client that you would have a project completed by a specific date and you weren't able to deliver, even if there were viable reasons for the delay, he or she could take legal action. The client could state that you breached your contract and ended up costing them money. Professional liability insurance will help to cover the cost of the losses that your client endured, as well as pay for any legal fees.
Protection Against Negligent Services - Being an expert in your field helps you earn clients and make money, but it also sets the expectations pretty high. Even if the expectations of your clients are high, they are probably pretty reasonable. For example, if you are an architect, you should be able to deliver a building that is structurally sound and offers the components that your client has approved. If, for some reason, there is any issue with the safety of the structure, a client could sue you for negligence.
Negligence lawsuits tend to be quite costly. Not only could your client be awarded damages, but you could be forced to pay fees in order to prevent negligence in the future. Colorado professional liability insurance will help to cover the expenses that are associated with this type of lawsuit.
What Colorado Professional Liability Insurance Doesn't Cover
Professional liability typically does not cover:
- Bodily injury or property damage
- Fraudulent acts
- Employment matters
- False advertising
- Patents and trade secrets
How Much Does Colorado Professional Liability Insurance Cost?
How much does Colorado professional liability insurance cost? The premiums vary depending on the amount of coverage your choose and specific risk characteristics of your business. Following are some of the main factors that go into the price of a policy:
- Type of business (contracting, service, retail etc.)
- Business location
- Years in business
- Selected coverage limits
- Number of employees
- Years in business
Further Reading On Errors And Omissions Insurance
- Errors And Omissions Insurance For Nonprofits
- Is Professional Liability Insurance The Same As Malpractice Insurance?
- Lawyers Professional Liability Insurance
- Medical Marijuana Malpractice Insurance
CO Professional Liability Insurance Quotes
Request a Colorado Professional Liability Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at $468,010 with a higher limit set at $936,030 for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from $500,000 to $1 million in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least $25,000 per person and at least $50,000 per accident in liability insurance; as well as an additional $15,000 for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific Professional Liability Insurance quotes, costs and information: California Professional Liability Insurance, Colorado Professional Liability Insurance, Delaware Professional Liability Insurance, Florida Professional Liability Insurance, Illinois Professional Liability Insurance, Kentucky Professional Liability Insurance, New Jersey Professional Liability Insurance, New York Professional Liability Insurance, Oregon Professional Liability Insurance, Pennsylvania Professional Liability Insurance, Texas Professional Liability Insurance, Washington Professional Liability Insurance.