What Massachusetts Professionals Need a Professional Liability Policy?
The vast majority of professionals in Massachusetts ought to consider carrying a professional liability policy, for anyone could potentially make a costly mistake in their work. Some specific types of professionals who might need a policy from an insurer include:
- Medical practitioners, such as doctors, nurses and paramedics
- Legal practitioners, such as attorneys and paralegals
- Real estate professionals, such as brokers and agents
- Insurance professionals, such as brokers and agents
- Financial professionals, such as accountants and investment advisors
- Construction professionals, such as engineers and architects
In some cases, people who work in trades may also want professional liability protection. Electricians, plumbers, carpenters, landscapers and others might all want coverage if they offer advice to customers, for they might be held liable if any advice that’s given proves to be wrong.
What Types of Professional Liability Policies Are Available?
While the various professionals mentioned above may all need a professional liability policy, they hardly need the same exact coverages. The risks a doctor is exposed to are likely quite different from what a real estate agent faces, and both of those are probably unique from other professional fields. Even within a single field, professionals sometimes have vastly different risk exposures and need different protections.
In order to meet the diverse risks mitigation needs that different professionals have, insurers typically offer a variety of professional liability policies. Some of the more common types of policies include:
- Medical Malpractice Insurance Policies, which are generally for doctors and other medical providers
- Legal Malpractice Insurance Policies, which are generally for attorneys and other legal professionals
- Errors and Omissions Insurance Policies, which are generally for other professionals who give advice (e.g. real estate, financial and similar professionals)
- Directors and Officers Insurance Policies, which are generally for leaders of organizations
An insurance agent who specializes in professional liability policies can help professionals determine what type of policy is most suitable for their type of work.
Do Professionals Receive Professional Liability Coverage Through Their Employer?
Many professionals who are paid employees of an organization receive professional liability coverage through their employer. They can ask whether the company carries a policy that covers all employees and then, review any provided policy with an insurance agent to see how much protection is afforded.
Professionals who work for organizations on an independent contractor arrangement might be covered by an organization’s insurance policy, but this is far from a given. These professionals should speak with an agent about the particulars of their situation and the best way to obtain appropriate protection. Sometimes it’s possible to add a professional as an additional insured, but other times professionals need to purchase their own coverage.
How Can Professionals in Massachusetts Get Professional Liability Insurance?
For help procuring professional liability insurance for yourself and/or others in your organization, contact the independent insurance agents of Charles River Insurance. Our agents have worked with many professionals in Massachusetts, and we’re ready to assist you with evaluating coverage needs and finding a policy.
