• Errors and Omissions Coverage
• Directors and Officers Coverage
Professionals are expected to apply their expertise without error, and they may be held liable for any mistakes that are made. Professional liability insurance helps Vermont professionals protect themselves should they ever make an error in their work.
As a form of liability coverage, professional liability insurance frequently helps pay legal fees, judgements and settlements associated with covered claims. Usually, coverage is extended to qualifying claims even if a business is ultimately exonerated.
Many Vermont professionals may benefit from having a professional liability policy in place. Insurance companies commonly offer policies for:
Almost any professional who offers advice to clients may be sued if they offer bad advice and therefore, might want professional liability coverage.
Medical malpractice insurance is a specialized form of professional liability coverage that’s generally designed for doctors and other medical professionals.
This is perhaps one of the most well-known specialized types of professional liability coverage, but it’s far from the only specialized on. Many policies are tailor-made for the professionals they insure.
Directors and officers insurance, commonly abbreviated “D&O insurance.” is a professional liability coverage that helps shield business leaders from some of the risks they assume when taking on leadership roles.
Leaders of organizations are commonly held to higher standards than general employees, and they might be called to account for any errors they make. D&O insurance normally doesn’t protect leaders from the consequences that follow bad business decisions, but they may offer protection from other risks. For example, policies might cover suits filed cover stock performance, misrepresentation, failure to comply with regulations and similar issues.
“E&O insurance” is the abbreviation commonly used for errors and omissions insurance. This form of professional liability coverage is generally used to protect professionals who primarily give advice. Attorneys, accountants and investment advisors frequently purchase these kinds of policies.
Professional liability coverage is widely available through package policies, as well as via stand-alone policies. Both business owners policies and commercial package policies often make this coverage available as either a standard or optional protection.
Because professional liability coverage is used by so many different professionals, there’s no one set rate for policies. Premiums vary greatly from one profession to the next, and they often differ significantly even within a single field.
In almost every case, however, having coverage in place is more affordable than facing a major claim or lawsuit without any protection. Few professionals have the resources to withstand a major lawsuit and the potential settlement that a suit could lead to.
While premiums and the factors that influence them vary from situation to situation, there are a few discounts that professionals might qualify for. Some insurers offer reduced rates to professionals who:
In addition to these discounts, comparing different policies with an independent insurance agent who specializes in this type of coverage can also help professionals get lower rates.
For help finding professional liability insurance tailored to your specific line of work, contact the independent agents at Paige & Campbell Insurance. Our team has helped many professionals in Vermont find coverage, and we’re here to assist you too.