Looking for Professional Liability Insurance in Denver, CO?
Centennial State Insurance Agency has you covered — literally.
Also known as Errors & Omissions, Professional Liability Insurance covers a wide range of professionals with unique professional expertise.
Who needs Professional Liability Insurance in Denver?
Lawyers, Doctors, Architects, IT Professionals, Real Estate Brokers, Consultants, and Engineers are just a handful of the professions that require proper coverage by Professional Liability Insurance.
If you’re in a profession in which designated services or advisory platforms rely on your professional expertise, you must acquire and maintain a certain level of training in your field. Furthermore, your services and advice must meet standards mandated by your state, industry, and/or written client contracts and agreements. As a result, failing to meet these standards or breaching compliance could result in a substantial financial loss for your client(s) followed by a significant lawsuit.
Therefore, it is critical that your business secures Professional Liability Insurance. Centennial State Insurance Agency is your go-to insurance company in Denver, CO no matter what industry you’re in.
What Does It Cover?
Professional Liability Insurance coverage applies to several scenarios including the following:
- Making a mistake that costs your client(s) money
- Undelivered results/services
- Negligent services
It is important to note that Professional Liability only covers the “economic” or financial losses suffered by clients and/or third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies, which Centennial State Insurance Agency can also help with.
No matter how careful you are, making mistakes is a common factor of life. After all, we are imperfect humans.
If one of these work mistakes causes a financial loss for one of your clients, it could be problematic for your business. Depending on the size of the lawsuit, the fees could be enough to close your doors. However, if one of your clients attempted to sue you for your mistake, then your Professional Liability coverage would kick in and help.
Sometimes the product or service you describe in client contracts just doesn’t align with its deliverables. Should that happen, and you get sued, Professional Liability Insurance would also apply.
For example, a business consultant recommends you buy a high-priced piece of equipment based on high-income projections. However, those projections were highly miscalculated, resulting in a financial loss for the client. If that client wanted to, they would have the right to sue and make up for those losses, citing their contract for support.
Your expertise can sometimes be a double-edged sword. It can help you earn clients, but it can also set really high expectations.
For example, architects have the skill and education to design buildings that meet client demands while remaining compliant with building codes. But let’s say an architect makes an oversight that compromises a building’s safety. The building owner could sue for negligence (the legal standard of being unreasonably careless).
Unfortunately, negligence suits can be pricey. A court may award the client damages, but it can also monetarily punish you to deter future recklessness.
Get Started with a Commitment-Free Professional Liability Insurance Quote Today
If you’d like a personalized Professional Liability proposal for your Denver business, our experts at Centennial State Insurance Agency are ready to help! As Colorado insurance specialists, we understand what it takes to properly insure homes, businesses, and autos, ensuring you are properly taken care of if disaster were ever to strike.
According to insurance agent Savannah Martin at Centennial State Insurance Agency:
“We understand the unique needs of those located in wildfire areas and work with insurance companies to understand this as well. We can help you with your home, condo, auto, boat, motorcycle, RV, business, or life insurance needs. We pride ourselves in working with our clients and educating them on their insurance needs while providing excellent customer service.”
If you are interested in having us review your current professional liability insurance policy and provide you with obligation-free quotes, call our office today or submit some basic information in the fields below so we can get started on your policy review and comparison!