Professional Liability Insurance in Massachusetts
Professional liability coverage helps protect professionals if they’re accused of making a mistake in their professional duties. A policy will typically pay for both legal fees and settlements associated with covered suits, up to the policy’s limit and according to its terms.
Doctors, nurses, physician’s assistants and EMTs
Attorneys and paralegals
Investment advisors, accountants, and insurance agents
Real estate brokers and agents
Malpractice Policies
Errors and Omissions Policies (E&O Policies
Directors and Officers Policies (D&O Policies
Technology Errors & Omissions Policies
What is Professional Liability Insurance?
Professional liability coverage helps protect professionals if they’re accused of making a mistake in their professional duties. A policy will typically pay for both legal fees and settlements associated with covered suits, up to the policy’s limit and according to its terms.
Are There Different Kinds of Professional Liability Coverage?
Insurers offer a few different kinds of professional liability insurance, in order to meet the unique needs of professionals in different fields. Within the category of professional liability coverage, there are:
- Malpractice Policies, which are mainly for medical professionals
- Errors and Omissions Policies (E&O Policies), which are primarily for professionals who provide advice (e.g. real estate agents, consultants and attorneys)
- Directors and Officers Policies (D&O Policies), which are usually for executives and board members
- Technology Errors & Omissions Policies, which are designed for technology-based businesses
- Miscellaneous Professional Liability Policies, which can apply to many different industries
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What Professionals Need a Professional Liability Policy?
Just about any professional can be sued, so most professionals ought to consider getting a professional liability policy. A few examples of professionals who might want or need a policy are:
- Doctors, nurses, physician’s assistants and EMTs
- Attorneys and paralegals
- Investment advisors, accountants, and insurance agents
- Real estate brokers and agents
- Architects and engineers
- Software engineers and graphic designers
- Consultants and anyone else who provides advice
Some professionals in Massachusetts may have professional liability coverage through their employer. Professionals who aren’t sure whether their employer provides coverage should ask human resources. If coverage is provided by an employer, a professional may not need to purchase their own policy unless they also do work outside of their normal job (in which case the employer’s policy probably wouldn’t provide them with coverage).
A few professionals may have to have a professional liability policy to work with particular vendors, colleagues, or clients. A doctor in Winchester, MA, for instance, might need malpractice insurance if they want to admit patients to one of the area’s hospitals.
How Can Professionals in Massachusetts Obtain Professional Liability Coverage?
Professionals who need professional liability insurance should contact an independent commercial insurance agent. This type of insurance typically falls under the realm of commercial insurance, rather than personal insurance, so an agent who specializes in commercial policies will be most qualified to help professionals find a policy. Of course, the agent should also be licensed in Massachusetts, which will ensure they’re familiar with the state’s insurance requirements and markets.
Mistakes Happen
By merely working in their chosen profession, professionals assume a certain amount of potential risk. No one is perfect all the time, but professionals are expected to be. If they make a mistake that results in financial loss, injury or harm, they can be sued. In fact, they can even be sued for an alleged error regardless of whether they committed an actual one. Massachusetts professionals can help protect themselves from these types of risks by getting professional liability insurance.
