Get Texas professional liability insurance quotes, cost & coverage fast. Also known as errors & omissions insurance (E&O), it covers TX legal costs when a client sues you over your services or advice including negligence, work mistakes, & undelivered services.
TX 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 Texas 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 TX 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 Texas professional liability insurance coverage, you won't have to pay for those legal expenses out of your own pocket.
Does My Business Need Texas 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 Texas 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 Texas 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, TX 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. Texas professional liability insurance will help to cover the expenses that are associated with this type of lawsuit.
What Texas 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 Texas Professional Liability Insurance Cost?
How much does Texas 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
TX Professional Liability Insurance Quotes
Request a Texas Professional Liability Insurance quote in Abilene, Allen, Amarillo, Arlington, Austin, Baytown, Beaumont, Brownsville, Bryan, Carrollton, College Station, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Flower Mound, Fort Worth, Frisco, Garland, Grand Prairie, Houston, Irving, Killeen, Laredo, League City, Lewisville, Longview, Lubbock, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Odessa, Pasadena, Pearland, Pharr, Plano, Richardson, Round Rock, San Angelo, San Antonio, Sugar Land, Temple, The Woodlands, Tyler, Waco, Wichita Falls and all other cities in TX.
Texas Insurance Rules And Regulations
In Texas, there are certain regulations governing insurance that you should be aware of. We will be discussing some of the personal and business insurance types that are mandated by law, as well as insurance types that are not necessarily mandated by law but may be useful. For example, almost every business out there carries commercial liability insurance even though there is no law stipulating that general liability must be carried by a business in order to operate within the state. We'll be looking closely at the regulations and these types of insurance in TX.
Texas Business Insurance
When it comes to business insurance, there is one type of insurance that is most common above all others - general liability insurance. This is sometimes called commercial liability insurance, and it provides payments for those businesses that have legal trouble as the result of something happening on their premises. There are many different things that general liability covers, and since businesses do not have total control over what can happen on their property, most business carry it.
However, there are also certain types of business insurance that are required by law. However Texas is a lot less stringent when it comes to insurance than most of the states out there. In fact, the only type of insurance that you can apply to business that is regulated by law is the state-mandated insurance limits that are required for drivers. Most states require Workers Comp, and most of them also require commercial auto insurance for commercial vehicles. However, Texas does not have this requirement.
TX Personal Insurance
There are a couple of different types of insurance that will be discussing in this section. Many states require that commercial vehicles carry commercial auto insurance, but in Texas, it is simply required that all drivers carry $30,000 for bodily injury liability for a single person and $60,000 per accident as well as $25,000 for property damage. This is sufficient for both personal insurance and commercial insurance.
As for life insurance, they are regulated by certain state statutes in Texas and cover things like a 30 day grace period for payments and protection of death claim from bankruptcy. These are the only two types of life insurance regulations that are present within the state of Texas. Texas does not provide a free look mandate like many of the states out there.
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.