ERROR AND OMISSIONS INSURANCE COVERAGE FROM MASSACHUSETTS SPECIALISTS

A few examples of incidents that a policy might cover include the following:

• A real estate broker forgot to provide all relevant information about a Massachusetts property, and their client learned after purchasing the property that it wasn’t properly zoned for the client’s intended use
• An attorney failed to file required paperwork by a deadline, and their client’s case was compromised or lost as a result
• A stockbroker didn’t execute an order quickly enough, and their client’s portfolio lost value because of the delay
• An accountant mistyped a figure when filing a client’s taxes, which resulted in their client being assessed penalties and interest by the IRS

What Professionals in Worcester, MA Should Consider Errors and Omissions Coverage?

Most professionals in Worcester, MA who provide advice of some sort ought to consider investing in errors and omissions coverage. For example, the following professionals frequently advise clients and, therefore, may want coverage in case they make an error in their work:

• Investment advisors
• Stock brokers
• Lawyers
• Real estate agents
• Insurance agents
• Trustees
• Appraisers

Professionals who apply a skill (rather than or in addition to offering advice) also typically ought to have liability coverage in case a client or customer files a claim against them. There are other forms of liability coverage for professionals who don’t only provide advice, though. For instance, doctors usually need medical malpractice insurance. Similarly, contractors frequently get contractors liability insurance.

What Does “Claims Made” Mean?

Errors and omissions coverage is usually written as “claims made” policies, which means whether a claim is covered is usually determined by the date the claim is filed (rather than when the error allegedly occurred). Most policies have a couple of restrictions — they usually won’t cover claims for errors made before a “retroactive date,” and claims filed after the final date of any “discovery period” normally aren’t covered. In most cases, though, policies cover claims that are initially filed while they’re in effect or still have a discovery period in place.

How Can Professionals in Worcester, MA Get Errors and Omissions Insurance?

Professionals in Worcester, MA who want need errors and omissions insurance should contact an independent insurance agent who’s licensed in Massachusetts and serves the city. An agent will be able to help a professional consider what protections they need for the work they do, and the agent can request quotes for errors and omissions policies that provide those protections.