A client or customer accuses you of making a professional mistake that costs them money.
Someone claims your inaction or wrongdoing caused a financial loss or personal harm.
Someone accuses you of providing inaccurate information with your services.
You need to hire a lawyer to defend your business after you are accused of making a professional mistake.
With professional liability insurance, Arizona business owners and their employees if they are held responsible for business mistakes or face accusations of negligence.
Professional liability insurance can help cover:
Businesses may be able to submit a professional liability insurance claim if they make a professional mistake or if a client just claims that they did. Here are some situations where this type of insurance could help:
Another term that describes professional liability insurance is errors and omissions insurance, or E&O.
Professional liability and E&O are often used interchangeably but typically refer to the same coverage in Arizona. Errors and omissions insurance is used mainly by real estate and insurance professionals, and there is also a contractor’s E&O for construction professionals.
Most other professionals, such as accountants, engineers, architects and lawyers, call this insurance coverage professional liability.
Most businesses in Arizona are not required to carry professional liability or errors and omissions insurance. Arizona business owners may need this coverage to meet individual industry standards, however.
For example, if you work on state or local government contracts, you may need to have E&O insurance. Arizona healthcare workers may also need malpractice insurance, a type of professional liability coverage, to secure a job.
Many Arizona business owners get professional liability insurance, even when it’s not required, for the following reasons:
Small businesses in Arizona may be better financially protected if they make a professional mistake or face accusations of negligence.
Your clients may ask for proof of professional liability coverage in the form of a certificate of insurance before agreeing to work with you. With this coverage, you may get larger, more high-value contracts.
Depending on your industry and where you work, you may need to have professional liability insurance to obtain or renew certain business certifications or licenses.
For example, while the state does not require notary E&O insurance, Arizona notaries are required to purchase a $5,000 surety bond, and the National Notary Association recommends adding errors and omissions insurance.1
Professional liability insurance provides common coverage for professional services,
including consulting, accounting and engineering.
Businesses in many different industries can benefit from this Arizona business insurance.
Nearly all professionals risk making mistakes that could cause financial harm to a client or potentially face an accusation of negligence or wrongdoing. With professional liability insurance, you could get help to resolve these issues and protect your reputation.
For instance, an engineer in Scottsdale wracks up legal expenses while contesting a safety inspection violation. In that case, their professional liability insurance could help cover the legal fees needed to defend themselves and their business.
Say a Tuscon architect’s client alleges they made a mistake in their designs that led to the collapse of a stairwell and sues for causing injuries. Professional liability insurance could help cover defense costs.
Costs vary for Arizona professional liability insurance based on several factors, including:
NEXT makes it simple to get affordable Arizona professional liability or E&O insurance online in around 10 minutes. Our monthly premiums cost $45 or less for 52% of our U.S. customers for this type of business insurance**
Learn more about professional liability insurance costs.
NEXT provides professional liability insurance policies for Arizona small businesses and self-employed workers.
It only takes about 10 minutes to get a quote, review your coverage options, choose your policies and download a certificate of insurance.
Start an instant quote online today.
Our team of licensed insurance advisors is standing by to assist you if you have any questions along the way.
Oregon general liability insurance could help cover costs if your business is held responsible for destroying property or causing injury to someone other than you or an employee.
Workers’ compensation insurance in Oregon can help pay for medical expenses and lost wages if an employee gets injured on the job. Most Oregon employers are legally required to carry workers’ compensation insurance.
Commercial auto insurance can help cover medical expenses and property damage if you or an employee gets into an accident while operating a company vehicle.
In Oregon, all vehicles must have minimum auto insurance coverage of $25,000 per person, $50,000 per accident and $20,000 for property damage.2
Commercial property insurance can help protect physical business assets, such as furniture, equipment, inventory and commercial buildings. Oregon businesses often select this coverage to help pay for repairs or replacements to business property after a fire, burst water pipe or other covered event.
Learn more about professional liability insurance options in the state where you work.
Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.