What is medical malpractice insurance?
Medical malpractice insurance is professional liability coverage for professionals in healthcare. Depending on a provider’s particular coverage needs, these policies might cover both errant advice and mistakes made when rendering services. The policies frequently have high limits, because a mistake can directly and significantly impact patient health.
Doctors normally are required by law to maintain at least minimum levels of medical malpractice coverage. Mid- and lower-level providers might need the coverage, too.
What is legal malpractice insurance?
Legal malpractice insurance is professional liability coverage for those in the legal field. The insurance may cover errant legal advice, missed court proceedings or other risks, depending on a policy’s particular terms. Limits are sometimes high, as a mistake in a trial can prove costly.
Law firms, lawyers, paralegals and legal secretaries might all want legal malpractice coverage.
What is E&O insurance?
Errors and omissions insurance is for professionals who mainly offer advice to clients. The insurance may be suitable for finance and real estate professionals, and contractors might want it for when they give advice. Legal malpractice is a specialized form of E&O insurance.
What is D&O insurance?
Directors and officers insurance is for professionals who lead organizations, including both for-profit businesses and non-profit groups. D&O insurance may provide coverage if a leader makes a mistake that costs their organization dearly.
Do professionals receive professional liability coverage from their employers?
Professionals who work as traditional employees often receive at least some professional liability coverage from their employer. Any coverage afforded may be limited, however, and not all employers do offer coverage.
Therefore, professionals who are employees should carefully review their situation with an insurance agent who knows professional liability policies well. A knowledgeable agent will be able to make an informed recommendation as to whether additional coverage should be purchased for a given situation.
How can Massachusetts get professional liability insurance?
For assistance with professional liability insurance, contact the independent insurance agents at Norwood Insurance Agency. Our agents will help you compare policy options from several insurance companies in Massachusetts, and we have the skills necessary to help you identify the best policy that’s available to you.