People who provide professional services are expected to apply their expertise and skill correctly when working for clients, and they may be held financially liable if they fail to do so. Professional liability insurance helps protect professionals in Massachusetts from covered liability lawsuits that they may face if they make an error while working.
Professional liability insurance is a specialized kind of commercial insurance that’s intended to provide working professionals with liability protection. As a form of liability coverage, the insurance normally pays legal fees, judgements and settlements associated with covered claims.
Lots of professionals who work as paid employees of organizations receive at least some professional liability coverage from their employer. There may be some employers who don’t provide coverage, though, and any coverage that is offered usually doesn’t extend to side work or charitable volunteering.
Professionals who are employees can get help analyzing any coverage their employer offers by contacting an insurance agent who specializes in professional liability policies. A knowledgeable agent will know how to review a policy thoroughly, and they’ll also be able to help a professional supplement their employer’s policy if more protection is needed.
Almost anyone who works in a professional capacity may benefit from having professional liability coverage, for any professional in Massachusetts could make a mistake and be sued over it. The following is only a sampling of the many different professionals who might want coverage:
Tradespeople, such as plumbers, carpenters, electricians and landscapers, may also want coverage for situations where they provide advice to customers. Even though tradespeople typically don’t earn their income primarily by providing advice, they might still be held liable if they make incorrect or poor recommendations.
Medical malpractice policies are professional liability policies designed to meet the risk mitigation needs of various medical professionals. Physicians typically are required to have a medical malpractice policy in place, but they can often also be used to insure other medical professionals who provide lower levels of care.
Much like medical malpractice policies are designed for medical professionals, legal malpractice policies are intended for legal professionals. They may insure law firms, attorneys or paralegals.
Errors and omissions policies are commonly referred to as “E&O” policies. These tend to be for professionals who primarily offer advice, and they’re widely used by brokers, agents and advisors in various fields. These also are normally the most appropriate professional liability option for tradespeople.
Directors and officers policies are commonly referred to as “D&O” policies. These policies are mainly used to protect leaders of for-profit and not-for-profit organizations. Because leaders frequently can be held responsible for how their actions and decisions impact an organization, they may want extra protections like those provided by these policies.
For help obtaining professional liability insurance, talk with the independent insurance agents at Roger Keith & Sons Insurance. Our agents have the expertise necessary to provide informed coverage recommendations, and they can show you quotes from many different insurance companies in Massachusetts.