Jump ahead to learn:
- Is Colorado Professional Liability insurance coverage required?
- How much does Colorado Professional Liability insurance cost?
- What does Colorado Professional Liability insurance cover?
- What types of businesses could benefit from Errors and Omissions insurance in Colorado?
- Are Professional Liability insurance and E&O insurance the same?
- How NEXT helps protect Colorado business owners
Is Colorado Professional Liability insurance coverage required?
Professional liability insurance in Colorado, also called E&O insurance (errors and omissions), may be a necessity for your business for:
- Professional licenses and permits. Depending on your profession and where you operate in Colorado, you might need professional liability insurance to meet city or industry-specific licensing requirements.
- Getting more work. To secure work — especially from government agencies or larger organizations — you may be asked to provide a certificate of insurance (COI).
- Financial protection. If a Colorado client claims your professional advice or services caused them financial harm, an E&O policy could help cover your legal defense, settlements or other covered losses.
In Colorado, some professions are required to maintain errors and omissions insurance, including:
Attorneys in Colorado aren’t required to carry professional liability coverage, but they must annually disclose to the Colorado Supreme Court Attorney Registration Office whether they have the coverage or not.
While professional liability is not required for all businesses, it offers a level of protection that could be beneficial to any business owner.
How much does Colorado Professional Liability insurance cost?
The price you’ll pay for Colorado professional liability insurance/E&O insurance varies depending on many factors, including:
- The type of work that you do
- Your work experience
- The location(s) where you operate
- How many employees you have
- How high you set your insurance deductibles, policy limits and coverage limits
- Your insurance claims history
NEXT makes it fast and affordable to get Colorado professional liability insurance or E&O insurance online in about 10 minutes.
Learn more about the cost of professional liability insurance.