Almost everyone who works as a professional is exposed to at least some liability risk, for they could be held financially responsible if an error causes harm to one of their clients. One way that Massachusetts professionals can help protect themselves is by purchasing professional liability insurance.
Professional liability insurance is specialized commercial insurance for people who work in professional capacities. The coverage primarily provides liability protection against lawsuits.
Most workers who apply specialized knowledge or skills can benefit from professional liability coverage’s protections. This applies to many white-collar workers in Massachusetts.
The following are some examples of professionals who may want to procure this type of policy:
Still many other professionals (including ones in these fields) may purchase professional liability coverage. An insurance agent who specializes in the coverage can help professionals determine whether they’re legally required to or otherwise should procure the insurance.
Although many professionals can benefit from having a professional liability policy, not every professional needs the same particular policy. Insurance companies offer many different types of policies for professionals in different fields and different positions. Some of the more common policy options are:
Medical malpractice insurance is professional liability coverage that’s intended for medical providers. Doctors are usually required by law to carry minimum amounts of medical malpractice coverage, but many other providers can also benefit from having a policy.
Most medical malpractice policies cover both mistaken advice and incorrect actions. For instance, a surgeon’s policy might cover claims arising from errant diagnoses or from an incorrect incision.
Legal malpractice insurance is professional liability coverage that’s intended for legal professionals. Attorneys often purchase the insurance, but so can paralegals and others in the field.
Most legal malpractice policies cover administrative mistakes and errant advice. A policy might cover both missed deadlines and bad guidance.
Errors and omissions insurance (E&O insurance) is generally for professionals, outside of the medical and legal fields, who offer advice. Financial, real estate and even contractors might purchase the coverage. When contractors purchase it, the insurance normally covers instances where they offer advice.
Directors and officers insurance (D&O insurance) is generally for high-level leaders. Executives and board members might want the coverage, which usually safeguards against situations where a leader’s decision has a negative effect on their organization.
Many professionals who are traditional employees receive professional liability protection through an employer-purchased policy. Any employer-provided coverage is likely limited to when a professional is performing work for the employer. The coverage often doesn’t extend to volunteer projects or side work.
Professionals who are self-employed and/or work as contractors frequently need to purchase their own insurance. They’re unlikely to be covered by a hiring business’s policy.
An independent insurance agent can help both employers and professionals explore their coverage options, checking the protections and rates of different insurers’ policy offerings.
For assistance with professional liability insurance, contact the independent insurance agents at Amplified Insurance Partners. Our Massachusetts agents are familiar with the many different types of professional liability policies, and will work closely with you to find a policy that meets your risk mitigation needs.
Your rock star team at Amplified is dedicated to protecting your most valuable assets, your health, and your financial future. We are constantly evolving to exceed your expectations with our exceptional customer service and the right policies to protect your interests and ease your concerns.