Professionals are hired for their expertise, and they’re expected to use their skills and knowledge properly. Should a professional make a mistake while working, a customer or client might seek compensation for any injury, damage, or financial loss the error causes. Professional liability insurance helps protect Massachusetts professionals from covered liability claims related to errors they allegedly make.
Professional liability coverage is a specialized form of liability insurance that helps protect professionals from lawsuits filed over the quality of their work. If a customer, client, or someone else accuses a professional of making an error that caused damage, injury or loss, a professional liability policy might cover any legal fees and settlement associated with the claim.
Most Massachusetts professionals can benefit from the protections that professional liability insurance offers. After all, just about any professional could be sued by a customer or client.
A few examples of professionals that frequently get a professional liability policy are:
Some of these professionals may be required to carry professional liability coverage. For example, doctors in Worcester, MA who don’t have coverage may not be able to practice at or admit patients to the city’s local hospitals.
In other cases, coverage isn’t required but professionals may be dangerously exposed to potential liability suits if they don’t have protection. A software engineer in Boston, MA, for instance, might be able to decide for themselves whether they want coverage. Without it, however, they might have few resources to help pay for the costs associated with a liability suit that’s filed over an alleged error they made.
Because many different professionals need professional liability coverage, insurers offer several different types of policies. Along with straightforward professional liability policies, there are also:
When looking for a professional liability policy, professionals ought to choose whatever type of policy is most suited for their field and best meets their needs.
Professionals who work for a business or organization as an employee may have some professional liability coverage through their employer. Employers sometimes have liability policies that extend protections to professionals that work for them.
Before relying on their employer’s policy for coverage, however, professionals should first make sure that the policy meets their individual coverage needs. A policy’s coverages and limits ought to provide the protections a professional wants. Additionally, a policy should cover all professional activities, including any pro bono or consulting work, that a professional does.
In many cases, an employer’s policy will only provide some of the protection that a professional wants or cover only some of their professional activities. In these situations, professionals are often wise to get their own professional liability policies.
Professionals in Massachusetts who want help finding and selecting a professional liability insurance policy should contact an independent, business insurance agent near them. Such an agent will be able to explain the protections that these policies offer and get several quotes from insurers, thus making it easy for professionals to choose the policy that’s best for their situation.