What is Professional Liability Insurance?

Anyone who’s employed in a professional role is expected to execute their responsibilities properly and according to their expertise. Should they make an error, they might be held responsible for any damage or harm that follows as a result of their mistake. Professional liability insurance helps protect Massachusetts professionals from claims and lawsuits that are filed over alleged errors in their work.

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What Professionals in Massachusetts Need Professional Liability Coverage?

Most Massachusetts residents who work in some professional capacity should consider getting professional liability coverage, and some workers may be required to carry coverage. A few common types of professionals that might need policies include:

  • IT professionals and consultants
  • Legal professionals (attorneys, paralegals, etc.)
  • Architects and engineers
  • Financial professionals and insurance agents

This is just a small sampling of the many different professionals who may want to protect themselves with coverage.

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Professional Liability Insurance Massachusetts

Why Do IT Professionals and Consultants Need Professional Liability Insurance?

As the world becomes increasingly digital, professional liability coverage is becoming more and more important within the IT industry. Not only is the risk of making a mistake generally growing as the industry expands, but the potential cost of a mistake is getting much more expensive. With companies sending sensitive data online and relying heavily on their digital information, and error that compromises information or causes downtime can quickly cost a lot.

Additionally, an IT business doesn’t even need to actually make a mistake in order to be named in a claim or lawsuit. Should a business have any issue with their digital operations, they could try to file a lawsuit against every computer, software and IT firm that’s worked on their network or system. Even if a business is ultimately exonerated and an error is shown to be another company’s fault, the mere cost of defending an IT business against a claim can be financially devastating.

Professional liability coverage typically helps cover both settlements and legal fees associated with covered claims. Thus, it can help protect an IT business both if it makes a covered error and/or if it’s merely accused of making one.

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Do Employers Provide Professional Liability Coverage?

Many businesses that have professionals working for them purchase a professional liability policy for their employees. Before relying on an employer’s policy for coverage, however, professionals should confirm that their employer does indeed carry a policy that extends coverage to them. Professionals should also be aware that an employer-paid-for policy might not cover side gigs or charitable work.

Do Package Policies Offer Professional Liability Coverage?

Professional liability coverage is widely available through both stand-alone insurance policies and package insurance policies. For professionals who need this and other coverages, an insurance agent who specializes in professional liability policies can usually find a package option that offers the right mix of policies.

Professional Liability Insurance Massachusetts

How Much Does Professional Liability Coverage Cost?

Professional liability policy premiums vary, and there are many factors that can influence how much a specific policy ultimately costs. A person’s field of work, experience, average project and other criteria are just some of the items that insurance companies might consider when setting rates.

Professionals can get specific price information by contacting an independent insurance agent who’s familiar with professional liability policies. An independent agent will be able to request quotes from multiple insurance companies in the state, thus providing an accurate and detailed view of how much a specific professional would have to pay for coverage.

How Can Massachusetts Professionals Get Professional Liability Insurance?

For help finding professional liability insurance that’s suited to your particular situation, contact the experienced and independent insurance agents at Keefe Insurance. Our team has helped many Massachusetts professionals find policies for their type of work, and our agents have the expertise necessary to help you get a policy that’s uniquely suited to your situation.

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