Professional Liability Insurance in Vermont

Professional Liability Insurance for Vermont Business

Everyone makes mistakes at times. However, when your company makes a mistake, you may find yourself in a Vermont courtroom being sued for the physical, medical, or financial damages that your error caused to a client. Professional liability insurance can help protect your company in the event of a lawsuit due to an error.

If your business relies on training and expertise to dispense advice, guidance, physical care, or other professional services, clients depend on and pay for your specialized knowledge. While you aim to provide the best service at all times, mistakes can happen and can be costly for your clients. Professional liability insurance helps to cover many of the costs associated with lawsuits and legal damages, to help your Vermont business survive these allegations.
Start The ConversationGetting sued is an unfortunate and expensive event, requiring lawyers, expert testimony, lost wages, and legal fees. If you are found liable or admit your negligence or error, you may also have to pay damages to your client. These costs can quickly add up and cause significant losses for your business. Professional liability coverage can help pay these costs, making it an important policy for most service-based businesses in VT.

Let's talk about what you need!

What Types of Vermont Businesses Need Coverage?

All types of professional service businesses can benefit from professional liability coverage. Some common professions that need this coverage include:

- Doctors
- Dentists
- Other healthcare providers
- Insurance agents
- Accountants
- Architects
- Engineers
- Beauticians
- Real estate agents
- IT professionals

What are the Different Types of Professional Liability Insurance?

Since so many types of professionals benefit from professional liability coverage, there is a broad range of policies that fall into this category. Generally, professional liability can be divided into three main types:

- Malpractice Insurance, designed for doctors and other healthcare professionals to cover against errors and negligence.
- Errors and Omissions Insurance, what is a broad type of policy ideal for many professionals. 
- Directors and Officers Coverage, designed for executives and other high-ranking individuals that can cover situations specific to their job functions, such as fiduciary responsibility, conflict of interest, and hiring/firing practices.

Coverage can be obtained for a specific individual or covering your entire business. Your insurance agent can help you find the policy options that are right for your situation.Learn How to Protect Your Business

Coverage Limitations

Some mistakes may not be discovered for weeks, months, or even years. Professional liability coverage can extend beyond your policy dates, depending on your specific policy options.

A standard claims-made policy is typically the most affordable policy, but provides the most limited coverage. The alleged error must occur and the lawsuit filed while the policy is active in order to be covered.

With an occurrence coverage policy, these time limitations are more flexible. Often, you will have coverage for any event that occurs while your policy is in place, even if the lawsuit is filed after the policy is expired. These policies may have specific time limits, such as 6 months or 1 year after policy expiration for claims to be filed.

Professional liability insurance is important coverage for all businesses that provide professional services. When a client suffers a physical or financial loss due to your advice or service, you can be held legally liable for their damages. Professional liability coverage can help to pay for your associated expenses, decreasing the amount your company has to pay out of pocket. If you own a VT business and offer expertise or advice, you should speak with your insurance agent about professional liability coverage.

How can we help you?