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Those who work in a professional capacity are expected to properly apply their expertise when clients hire them. Should a mistake be made, a liability claim or lawsuit could follow. Professional liability insurance helps protect professionals who work in Massachusetts from certain claims and lawsuits that they could face following a work-related error.
Professional liability insurance policies are specialized commercial policies that have been tailored to meet professionals needs. As liability policies, these policies typically pay legal costs and settlements associated with covered incidents.
Most people who work in a professional capacity should consider some form of professional liability policy. For example, the following Massachusetts residents might need or want coverage:
While all these professionals may need professional liability coverage, they don’t all necessarily have the exact same protection needs. A doctor’s coverage needs are normally very different from those of an architect, for instance.
When selecting a policy, professionals should work closely with a specialized insurance agent to find a policy that’s tailored for their particular line of work and suitable to their situation. Many of these policies are designed for professionals in particular fields, and a specialized agent will know what policies a given professional ought to be looking at.
Most of the professional liability policies used in the medical field are medical malpractice policies. These policies may cover both guidance and treatments that medical providers give, depending on their terms and conditions. Doctors, physician assistants, nurses and paramedics often purchase this form of coverage.
Errors and omissions policies are professional liability policies that are typically purchased by professionals who mainly give advice. This type of policy might be appropriate for legal professionals, financial professionals and real estate professionals. Tradespeople may also want an errors and omissions policy if they offer project advice to clients.
There are several ways that professionals might be able to procure the professional liability coverage they need.
First, professionals who work as employees frequently receive coverage via their employer. There sometimes is no need for an additional policy if professionals have coverage through an employer-sponsored policy, although professionals who rely on this source of coverage should be aware that it often doesn’t extend to side work or charitable efforts. Policies that are paid for by employers normally only cover work that’s done for the employer, which can leave professionals exposed if they do other free or paid work in their field.
Second, many insurance companies offer stand-alone professional liability policies that can be purchased by themselves. While this is often technically an option, most professionals need additional coverages and are better off getting a package policy.
Third, commercial package policies commonly offer professional liability coverage alongside many other coverage options. For professionals who don’t have sufficient protection through an employer-sponsored policy, these package policies generally offer excellent coverage options and deep discounts on the coverages selected.
For help finding professional liability insurance that meets your individual coverage needs, contact the independent insurance agents at Haberman Insurance Group. Our agents have worked with many professionals in Massachusetts, and we have the expertise necessary to help you find a solid policy.