Massachusetts professionals may be hired for many different reasons, but they’re all generally expected to apply their training and knowledge properly. Should they make an error in their work, they may be held financially accountable. Errors and omissions insurance helps protect professionals from claims related to mistakes they make in their work.
Errors and omissions insurance is a specialized type of liability insurance that’s specifically designed for professionals who give advice. As a form of liability insurance, these policies typically help pay legal fees, settlements and judgements associated with covered claims.
In most cases, payments for covered costs are made when a valid claim is filed. Professionals usually don’t have to wait until the matter is resolved to get help pay for legal fees.
As stated, E&O insurance is generally designed for professionals whose work involves giving advice. Most Massachusetts professionals who provide advice may benefit from having a policy. The following are just a few examples of professionals who fall into this category:
Some professionals who practice a skill as much as they dispense advice might be better suited with another form of professional liability insurance. Doctors, for instance, frequently need medical malpractice insurance. Medical malpractice insurance may provide some similar protections, but it’s often tailored for other risks that are unique to treating patients. Similarly, contractors may want contractors liability insurance rather than E&O insurance.
Professionals who are unsure whether an E&O policy or another professional liability policy is more suited to their needs should speak with an insurance agent who specializes in this type of insurance. A knowledgeable agent will be familiar with the various types of professional liability policies that Massachusetts insurers offer, and they’ll be able to help determine whether E&O or another coverage is more appropriate given a particular situation.
As is true with most forms of insurance, the exact incidents that an E&O policy covers are determined by that policy’s paperwork. Coverages can vary from one policy to another.
Nonetheless, many E&O policies are designed to provide coverage for a wide range of incidents. Here are some sample scenarios where a policy with the right protections in place may provide coverage:
For help finding errors and omissions insurance that’ll provide coverage suited to your line of work, contact the independent agents at Charles River Insurance. Our agents have helped many Massachusetts professionals find E&O insurance that offers them solid protection, and we’re here to help you as well. As an independent insurance agency, our team can recommend policies that are well-suited to your situation regardless of what company is offering them.