Professional Liability Insurance in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Professional Liability Insurance Policy covers all the legal liabilities arising out of negligence, omissions, or errors of any professional whilst rendering service that causes damage to the property of third-party or injury to the third-party itself.

• Medical professionals
• Attorneys
• Engineers

• Malpractice Insurance
• Errors and Omissions Coverage
• Directors and Officers Coverage

What is Professional Liability Insurance?

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.

What Vermont Professionals Need a Professional Liability Policy?

Many Vermont professionals may benefit from having a professional liability policy in place. Insurance companies commonly offer policies for:

Medical professionals
Attorneys
Engineers
Accountants
Contractors
Investment advisors
Insurance agents

Almost any professional who offers advice to clients may be sued if they offer bad advice and therefore, might want professional liability coverage.

What is Medical Malpractice Insurance?

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.

What is D&O Insurance?

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.

What is E&O Insurance?

“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.

Do Package Policies Offer Professional Liability Coverage?

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.

Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!

Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!

Lance Garrett

Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

How Much Does Professional Liability Coverage Cost?

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.

How Can Professionals Save on Their Professional Liability Premiums?

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:

Work part-time
Complete continuing education courses
Have recently graduated
Work in a group practice
Pay a policy’s cost in full when purchasing the policy

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.

How Can Vermont Professionals Get Professional Liability Insurance?

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.