Your Insurance Questions

Yes, professional liability insurance typically covers claims from employee mistakes made while performing their professional duties. It helps protect your business from costly lawsuits arising from such errors.

An exclusion in a professional liability policy is a specific situation or risk that the policy does not cover. These commonly include intentional acts, illegal activities, and bodily injury claims.

Yes, many businesses carry both general liability and professional liability insurance to protect against physical risks and professional errors. Having both helps ensure comprehensive coverage tailored to your industry's specific needs.

Notify your insurer immediately upon learning of a potential claim, provide all relevant documentation, and cooperate fully with their investigation to ensure your claim is handled efficiently.

Professional liability insurance typically does not cover breach of contract claims unless negligence or errors in professional services contribute. Review your policy carefully to confirm coverage details.

Choose coverage limits based on the size of your contracts, potential risks, and financial impact of claims. Consulting a knowledgeable broker helps tailor limits to your needs.

Prior acts coverage protects you against claims arising from incidents that occurred before your policy start date, as long as those claims are reported during your active coverage period.

Yes, professional liability insurance can be customized with endorsements to address specific risks unique to your industry and business needs, providing targeted protection and peace of mind.

Yes, independent contractors in Colorado and Utah should strongly consider professional liability insurance to protect themselves from personal liability for professional errors or omissions. It offers essential financial protection tailored to their unique risks.

Professional liability insurance typically costs between $500 and $2,000 annually for small businesses in Colorado and Utah, depending on industry, coverage limits, and claims history. Discuss your specific needs with your insurer to determine the best coverage for your business.

A retroactive date in your professional liability policy is the earliest date an incident can occur to be covered. Claims for incidents before this date are not covered, even if reported during an active policy period.

Tail coverage extends your professional liability insurance after the policy ends, covering claims made for incidents during the policy period. It's essential for Colorado and Utah professionals to ensure ongoing protection against delayed claims.

Claims-made policies provide coverage only if the claim is filed during the active policy period, regardless of when the incident occurred. This means timely reporting is essential to maintain protection.

General liability insurance covers bodily injury and property damage, while professional liability insurance protects against financial losses caused by professional errors or omissions. Both are essential for comprehensive business protection.

Professional liability insurance does not cover intentional wrongdoing, fraudulent acts, bodily injury, property damage, or general liability claims. It protects against negligence in professional services but excludes these specific areas.

Professional liability insurance covers legal defense costs, settlements, and damages from claims of professional negligence, errors, or omissions in your services. It helps protect your business from costly lawsuits and financial losses.

Professional liability insurance, also known as errors and omissions insurance, protects businesses in Colorado and Utah from claims of negligence or mistakes in the services they provide. It covers legal defense costs and settlements, helping safeguard your business finances.

Professionals providing services or advice — like consultants, lawyers, and accountants — need professional liability insurance to protect against claims of errors or negligence. It safeguards your business from costly lawsuits.

A maintenance bond guarantees a contractor’s workmanship and materials for a set period after a project is finished, covering repairs if defects arise. In Colorado and Utah, it’s essential for regulatory compliance and peace of mind on public and private jobs.

For most Colorado and Utah businesses, commercial bond premiums are generally tax-deductible as a business expense. Always consult a qualified tax professional for your specific situation.