Professional Liability Insurance From a Massachusetts Based Insurance Specialist

Coonan Insurance Agency, Inc. can help you find affordable, quality Professional Liability Insurance with ease!

We offer Professional Liability 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 professional liability insurance?

Working in a professional capacity comes with responsibility, and corresponding risk. Should a professional ever be accused of failing to provide services as they should, costly claims and lawsuits may follow. Professional liability insurance may help professionals in Massachusetts protect themselves from such a risk.

Professional liability insurance is tailored for people who work in a professional capacity. Policyholders usually apply expertise that most people don’t have.

Who should be carrying professional liability coverage?

Professional liability coverage can help many different Massachusetts professionals. In general, anyone applying a skill or giving advice should consider carrying this coverage. Some specific examples of professionals who often get coverage include:

  • Medical Professionals: Doctors, nurses, dentists, physical therapists, etc.
  • Legal Professionals: Lawyers, legal consultants, mediators, paralegals, etc.
  • Financial Professionals: Accountants, financial advisors, wealth managers, auditors, etc.
  • Real Estate Professionals: Real estate agents, property managers, real estate brokers, etc.
  • Contractors and Consultants: IT consultants, architects, engineers, general contractors, etc.

Moreover, professionals in various trades might also want certain professional liability coverage. For instance, electricians or plumbers offering advice may benefit from errors and omissions insurance, in case they accidentally give errant advice.

Quotes Available in MA, RI, CT, NH, ME, NY and FL

Professional Liability Insurance Massachusetts

What types of professional liability policies are available?

Professional liability coverage includes several different policy types, each of which can be tailored for certain risks that professionals face. Some policies are specific to a field of work, while others are more general across industries. The main types of professional liability are:

  • Medical Malpractice Insurance
  • Legal Malpractice Insurance

  • Errors and Omissions Insurance (E&O)

  • Directors and Officers Insurance (D&O)

Professional Liability Insurance Massachusetts

Who needs to carry medical malpractice insurance?

Medical malpractice insurance is primarily for healthcare workers, and specifically those who provide direct patient care. Administrators working in healthcare normally don’t need this insurance.

Having medical malpractice may protect healthcare providers if they give wrong recommendations, or make another mistake in their work. For example, improper treatment, misdiagnoses and surgical errors may be covered.

Who needs to carry legal malpractice insurance?

Legal malpractice insurance is mainly for professionals working within the legal field. It’s frequently purchased by attorneys across specializations, and it’s sometimes also used to protect other legal professionals.

Having legal malpractice may protect lawyers if they fail to meet a deadline, provide errant legal advice, or make some other error that negatively impacts their client.

Professional Liability Insurance Massachusetts

Who should have E&O insurance?

Errors and Omissions (E&O) insurance is used across a diverse range of industries, from finance to trades. E&O is frequently used to protect professionals who give advice.

Who should have D&O insurance?

Directors and Officers (D&O) insurance is mainly for individuals occupying executive roles, board memberships, or similar leadership positions. D&O may protect organizational leaders from personal liability if their decision harms the organization they lead.

D&O can be used to protect leaders of both for-profit businesses and not-for-profit organizations.

Who typically pays for professional liability coverage?

In conventional employment scenarios, the responsibility of paying for professional liability often lies with the employer. Coverage that’s paid for by an employer typically extends to all work done for the employer, but only work done for the employer. 

Professionals who are self-employed, or work as contractors, usually need their own professional liability policy. Employees who moonlight might also need their own coverage for the extra gigs they do.

How much are premiums for professional liability policies?

The premiums charged for professional liability policies vary greatly, with the field of work being one of the biggest factors. A surgeon will likely pay more for their coverage than an accountant. Experience, certifications and past claims history are some of the other factors insurance companies usually consider.

An independent insurance agent can help professionals find out how much insurance companies will charge specifically them. Independent agents have the freedom to compare quotes from several insurance companies.

Coonan Insurance Agency

Where can professionals in Massachusetts, and other states, find professional liability insurance?

For help finding professional liability insurance in Massachusetts, and other states, contact the independent insurance agents at Coonan Insurance Agency. We’ll work closely with you, to find a policy that’ll protect you anytime you’re working with clients.

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