Get Pennsylvania professional liability insurance quotes, cost & coverage fast. Also known as errors & omissions insurance (E&O), it covers PA legal costs when a client sues you over your services or advice including negligence, work mistakes, & undelivered services.
PA 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 Pennsylvania 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 PA 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 Pennsylvania professional liability insurance coverage, you won't have to pay for those legal expenses out of your own pocket.
Does My Business Need Pennsylvania 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 Pennsylvania 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 Pennsylvania 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, PA 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. Pennsylvania professional liability insurance will help to cover the expenses that are associated with this type of lawsuit.
What Pennsylvania 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 Pennsylvania Professional Liability Insurance Cost?
How much does Pennsylvania 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
PA Professional Liability Insurance Quotes
Request a Pennsylvania Professional Liability Insurance quote in Allentown, Allison Park, Altoona, Baldwin, Bensalem, Bethel Park, Bethlehem, Bloomsburg, Carlisle, Chambersburg, Chester, Drexel Hill, Easton, Erie, Fullerton, Greensburg, Hanover, Harrisburg, Hazleton, Hermitage, Hershey, Horsham, Indiana, Johnstown, King of Prussia, Lancaster, Lansdale, Lebanon, Levittown, McKeesport, Monroeville, Murrysville, New Castle, Norristown, Philadelphia, Phoenixville, Pittsburgh, Pottstown, Pottsville, Reading, Scranton, State College, Upper Darby, West Chester, West Mifflin, Wilkes-Barre, Wilkinsburg, Williamsport, Willow Grove, York and all other cities in PA.
Pennsylvania Insurance Regulations
There are some regulations when it comes to Pennsylvania insurance that you should be aware of. We will be looking closely at both personal and commercial insurance within PA to find out what the regulations and limits are, so that whether you own a business or simply drive a car, you are able to get the insurance that is required by law. Understanding what the law requires the first step to making sure that you are compliant. Let's take a close look at these types of insurance.
PA Commercial Insurance
First, let's discuss business insurance. There are lots of different types of business insurance that you can get, but the most common one out there is what is called commercial liability or general liability insurance. This type of insurance protects you in case you are sued by someone who comes on your property and is injured or has their property damaged by something that happens on your premises. This may be something as simple as slipping on a wet floor or it might be a parking lot mishap the damages the vehicles there. However, this is not a mandatory type of insurance required by Pennsylvania law.
There are two types of insurance that are required in Pennsylvania however. These are pretty standard across most states. The first is Worker's Compensation insurance which is sort of like health insurance for anyone who is injured on the job. In addition, Pennsylvania requires that commercial vehicles that are actively being used in a business carry commercial auto insurance.
Pennsylvania Personal Insurance
You also need to know what the regulations are for personal insurance. The first type of insurance we will cover is auto insurance. In Pennsylvania, you are required to carry liability insurance for bodily injury of $15,000 per person and $30,000 per accident. In addition, property damage liability coverage is required at an amount of $5000. You are also required to carry uninsured motorist coverage at $15,000 per person and $30,000 per accident as well as underinsurance motorist coverage at $15,000 per person and $30,000 per accident. Finally, Pennsylvania requires first party benefits medical payments coverage of $5000. This is a great deal more than is required in most states.
There also some life insurance regulations that you will find under Title 40 of the state statutes. A free look period of 10 days is required for life insurance, there is a grace period on payments of 30 days and there is a guaranteed benefits and cash value law as well.
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.