Professional Liability Insurance Arizona Policy Information
Professional Liability Insurance Arizona. Our society is a litigious one, and if you are a professional doing business in today's world, then you need to be prepared for claims and lawsuits that can wreak financial havoc on your personal assets. A professional liability policy, aka errors and omissions (E&O) is a must for all professionals, including medical professionals, who are among the most likely type of professionals to be targeted by litigants. With more than $3.3 billion paid out in calendar year 2013 to claimants in medical lawsuits, it makes sense to insure yourself with the most comprehensive professional liability insurance Arizona possible.
Medical professionals are not alone in their plight. Lawyers, attorneys, and others in the legal profession are quickly becoming a target for litigation. Every attorney in practice today has a 17 percent chance of being the center of a litigious suit in any given year, according to the American Bar Association.
Professional liability insurance Arizona protects your practice from negligence lawsuits with rates as low as $67/mo. Get a fast quote and your errors and omissions (E&O) insurance now.
No professional is safe from a liability claim. Any person whose job is to provide guidance or advice can end up being sued. Professionals who are common targets include architects, consultants, designers, accounting professionals, financial advisers, and practitioners of wellness and health practices. Even knowing the inherent risks of their fields, a lot of professionals forego the purchase of errors and omissions (E&O), and many find themselves wishing that they had.
While most people know what medical malpractice insurance is, many have never heard of professional liability insurance Arizona. While its specific definition varies based on which profession is seeking insurance, it usually protects against liability from errors and omissions made by professionals when providing professional services to clients. Essentially, professional liability insurance Arizona covers negligence or mistakes that cause your client's financial loss. It is a different type of policy than property damage insurance or bodily injury coverage.
In addition to covering awards for claims (up to the declared limits of the policy), a professional liability insurance Arizona policy also covers any associated legal costs. Since defending yourself in court can come with astronomical legal fees, sometimes running $100K or more, this errors and omissions insurance can be a godsend if you face a claim.
What Does Professional Liability Insurance Cover?
Some common types of insurance that covers professional liability include:
- Malpractice insurance. This insurance is only for medical professionals and people in the healthcare industry. It guards against loss from flames due to mistakes or negligence.
- E&O insurance. Errors and omissions liability coverage. With this coverage, you are protected from claims for giving faulty advice or counseling a client when the advice you give leads to a financial loss. Architects, designers, insurance agents, stock brokers, real estate agents, consultants, and lawyers should carry this valuable professional liability insurance Arizona coverage.
- D&O insurance. Directors and officers liability insurance handles the specific risks of directors, officers, and other high-ranking executive professionals. This coverage pays for claims from scenarios such as the release of information deemed confidential, poor investments made by the officer, unlawful acts, firing and hiring issues, conflicts of interest, and gross negligence.
- Occurrence insurance. This policy pays for expenses when a covered incident occurs, even if the policy lapses, as long as the event occurs while the policy is in force.
Which Professionals are Most Likely to Face Suits?
Although there are an endless number of professionals who can be sued for in a liability action, some are more prone to litigation. While doctors and lawyers are the most frequently sued (so much so that some states require that they carry malpractice coverage), others are also vulnerable, including accountants, graphic designers, engineers, insurance professionals, management consultants, and software developers.
Scenarios Where Professional Liability Insurance is Crucial
Reviews these scenarios to help you understand the nuances of how professional liability insurance Arizona can benefit different professionals.
- Financial advisors. Regardless of claim legitimacy, if a client's investments fail of if the client has not been fully advised of his risk before making an investment, the financial advisor can face a claim.
- Lawyers. When a lawyer misses a deadline or date, litigation can be pursued, often successfully so. With or without merit, professional liability insurance can help.
- Private investigators. A PI who supplies incorrect information to a client can face a claim if a financial loss occurs.
- Consultants. If a consultant makes a mistake that can cause a business shut down or a website shut down, then a lawsuit may result.
- Contractor. A contractor or a subcontractor working under the contractor who performs shoddy work faces potential lawsuits.
As you can see, there are various ways that a client can target a professional with a claim. Protect yourself to the fullest by reviewing your professional liability insurance Arizona policy needs with a seasoned agent who can recommend the best types of errors and omissions policies and limits that cover all potential perils you face.
Arizona Economic Data, Regulations And Limits On Commercial Insurance
Anyone who is thinking about starting a business knows that choosing the right location for their operations is essential. The right market and a demographic that will benefit from and be interested in purchasing the products and services a business offers is crucial for the success of an organization. If you're considering Arizona as the location for your company's headquarters or a new division of your business, it's imperative that you make sure the state offers a climate that will allow your operation to thrive.
By analyzing the employment rate and the key industries that are thriving in the state, you can determine if Arizona will be a suitable location for your business. It's also important to be aware of the forms of commercial insurance coverage business owners are required to carry. Below, we look at all three areas to help you decide if the Grand Canyon State is the right place for you to establish a business.
Economic Trends for Business Owners In Arizona
The unemployment rate in Arizona is higher than the national average; as of May, 2022, the rate was 4.9 percent, while the national average as 3.6 percent. However, compared to 2009, when the rate was 10.9 percent, there has certainly been a decrease in the rate of unemployment.
Urban areas are the ideal locations for businesses in the Grand Canyon State, such as Phoenix, Tempe, Scottsdale, and Chandler; but, smaller areas offer promise, too. Payson, Snowflake, Flowing Wells, and Cottonwood are just some of the smaller locations that are seeing economic growth in Arizona.
There are several key industries that are thriving within the state, including:
- Aerospace and defense
- Bioscience and health care
- Film and digital media productions
- Professional and business services
- Technology and innovation
- Trade, transportation, and utilities
Commercial Insurance Regulations In AZ
The Arizona Department of Insurance regulates insurance in Arizona. Commercial insurance is vital for a business, as it protects the interests of all who are involved with the organization; owners, employees, customers, and vendors. Like any other state, certain forms of commercial insurance are mandated in Arizona, meaning business owners are legally required to carry these policies.
All employers are required to carry workers' compensation insurance, as it provides coverage for work-related accidents and illnesses that employees sustain. Commercial liability insurance, which covers third-party personal injury and property damage liability claims, might also required for certain licenses.
For establishments that sell alcohol, liquor liability insurance is a legal requirement. Lastly, companies that rely on vehicles for business-related purposes (truckers, etc.) must carry a commercial auto insurance policy to protect the drivers of their commercial vehicles, as well as other drivers on the road.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Professional Liability Insurance Arizona quote in Anthem, Apache Junction, Arizona City, Avondale, Avra Valley, Benson, Bisbee, Buckeye, Bullhead City, Camp Verde, Casa Grande, Casas Adobes, Catalina, Catalina Foothills, Cave Creek, Chandler, Chinle, Chino Valley, Citrus Park, Coolidge, Corona de Tucson, Cottonwood city, Doney Park, Douglas, Drexel Heights, El Mirage, Eloy, Flagstaff, Florence, Flowing Wells, Fort Mohave, Fortuna Foothills, Fountain Hills, Gilbert, Glendale, Globe, Gold Canyon, Golden Valley, Goodyear, Green Valley, Guadalupe, Holbrook, Kingman, Lake Havasu City, Lake Montezuma, Litchfield Park, Marana, Maricopa, Mesa, New Kingman-Butler, New River, Nogales, Oro Valley, Page, Paradise Valley, Paulden, Payson, Peoria, Phoenix, Picture Rocks, Prescott, Prescott Valley, Queen Creek, Rincon Valley, Rio Rico, Saddlebrooke, Safford, Sahuarita, San Luis, San Tan Valley, Scottsdale, Sedona, Show Low, Sierra Vista, Sierra Vista Southeast, Snowflake, Somerton, South Tucson, Summit, Sun City, Sun City West, Sun Lakes, Surprise, Tanque Verde, Tempe, Thatcher, Three Points, Tolleson, Tuba City, Tucson, Tucson Estates, Vail, Valencia West, Verde Village, Village of Oak Creek, Wickenburg, Williamson, Winslow, Youngtown, Yuma and all other AZ cities & Arizona counties near me in The Grand Canyon State.
Also find AZ local small businesses by General Liability Class Code and learn about Arizona small business insurance requirements for general liability, business property, commercial auto & workers compensation including AZ business insurance costs. Call us (480) 937-2697.