We offer Errors and Omissions Insurance coverage in Massachusetts, Maine, New Hampshire, Rhode Island, Maine, New York and Florida.
Please ask one of our agents how we can provide you with insurance across multiple states.
What is errors and omissions insurance?
Professionals are highly knowledgeable in their field of expertise, but even the most knowledgeable can make the occasional mistake. Errors and omissions insurance might help protect Massachusetts professionals from lawsuits if they ever make an error when working with a client.
Errors and omissions insurance is specialized liability coverage for professionals who mainly give advice. Coverage might protect against legal fees and settlements if an error costs a client dearly.
Who in Massachusetts might need E&O insurance?
E&O insurance is primarily for professionals who give advice (as opposed to executing a skill). Most Massachusetts professionals who advise clients should consider coverage.
Of course, there are many different fields where professionals advise clients. These policies are regularly used by those in:
- Legal: Attorneys, mediators, paralegals, etc.
- Financial: Advisors, managers, accountants, etc.
- Real Estate: Agents, brokers, appraisers, etc.
- Consulting: For college admissions, management, etc.
Guardians and conservators might also get coverage, in case they’re accused of breaching their fiduciary responsibility. Certain contractors may also want coverage if they regularly advise customers on projects.
Quotes Available in MA, RI, CT, NH, ME, NY and FL
What kinds of situations can E&O insurance cover?
The exact situations that any insurance policy covers are dependent upon that policy’s terms and coverages. The following are some situations in different industries that E&O insurance might cover:
Are E&O policies suitable for doctors?
Although doctors regularly advise clients on treatment options, E&O policies normally don’t meet doctors’ full coverage needs. Those working in healthcare typically need to have medical malpractice insurance.
How are “claims made” and “occurrence” E&O policies different?
Most E&O policies are underwritten as either “claims made” or “occurrence” policies. The difference lies in how a policy treats the timing of a claim:
- Claims made policies normally cover claims so long as they’re filed when the policy is in effect. Claims are subject to some other terms (see retroactive date), but they might be covered even if an error occurred prior to when the policy was purchased.
- Occurrence policies normally cover claims only if the error occurred when the policy was in effect. Any errors that were made beforehand are unlikely to be covered.
An insurance agent who specializes in E&O policies can explain the differences further, and help professionals decide which type is best for them.
What do “retroactive date” and “tail coverage” mean in an E&O policy?
E&O policies might come with a “retroactive date” and/or “tail coverage.” Both can significantly affect coverage:
- Retroactive date is generally the earliest date that an error could’ve occurred and be covered. Even in a claims made policy, an error occurring before the retroactive date probably won’t be covered.
- Tail coverage generally extends the time when a claim can be filed. Claims filed during a tail period may be covered, even if the policy’s end date has passed.
A knowledgeable insurance agent can review any retroactive date or tail coverage that’s included in a policy, to check when coverage would be in effect.
Where can professionals in Massachusetts find errors and omissions insurance?
For help finding errors and omissions insurance that’s tailored for your line of work, contact the independent insurance agents at Coonan Insurance Agency. Our agents have helped many Massachusetts professionals find policies, and we’ll make sure you get a policy that’ll protect you well.
