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Professional Liability Insurance

Professional Liability Insurance - Featured Page
Shielding Your Success & Protecting Your Reputation

Professional individuals in business encounter liability risks associated with the services they offer. Clients have the right to sue for perceived negligence during professional interactions. Though predicting customer behavior is impossible, protection against such risks is attainable. LoPriore Insurance can assist in recognizing the distinct risks in your profession and provide a tailored Professional Liability Insurance policy to safeguard you from potential liabilities.

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Massachusetts Professional Liability Insurance
Lopriore Insurance Agency

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At LoPriore Insurance Agency, we understand the critical importance of protecting your professional endeavors. Professional Liability Insurance (PLI), also known as Errors and Omissions (E&O) Insurance, is designed to protect you from these unforeseen legal challenges. As a business person, you are exposed to potential liability risks related to the services you provide. Client grievances and claims can arise, leading to legal challenges. To safeguard your reputation and assets, having the right insurance coverage is crucial. Our motto, “we make insurance easy for you,” reflects our commitment to providing personalized solutions. We recognize that each profession has unique risks, and there is no one-size-fits-all approach. That’s why we take the time to understand your specific needs and tailor a Professional Liability Insurance policy that aligns perfectly with your requirements.

At LoPriore, we strive to make the insurance process hassle-free, providing you with peace of mind so you can focus on your business and professional endeavors. Whether you are a seasoned professional or starting your venture, we are here to help you navigate the complexities of insurance, offering customized solutions that safeguard your interests and investments.

Understanding the Importance of
Professional Liability Insurance

Professional Liability Insurance protects professionals and businesses from financial losses due to claims of negligence, errors, or omissions in the services they provide. It provides coverage for legal expenses and settlements if a client sues them for alleged professional misconduct or mistakes.

What is It?

Professional liability insurance protects professionals from alleged wrongdoing (like negligence, malpractice, or misrepresentation) during the course of their job duties. This policy might occasionally be called by different names, depending on your profession, such as errors and omissions or malpractice insurance.

Why Do I Need It?

While your commercial liability policy offers coverage for accidents on or near your business premises, it does not protect against claims of alleged negligence in your professional services. Professional liability insurance, on the other hand, provides coverage in case your customers file legal claims related to errors or mistakes in your professional activities.

Who Is It For?

Professional Liability Insurance is for individuals and businesses that provide professional services or advice, protecting them from financial losses due to claims of negligence or errors in their work. It is essential for professionals like doctors, lawyers, accountants, consultants, and others who offer specialized expertise to clients.

How To Insure My Business

To insure your business with Professional Liability Insurance, assess if your profession or business requires this coverage for providing professional advice or services to clients. Research insurance providers, compare coverage options and premiums, and understand inclusions, exclusions, and policy terms. Choose appropriate coverage limits, consider additional endorsements if needed, and consult with an insurance agent for expert assistance. Keep the policy updated for any changes in your business operations or services.

Professional Liability Insurance - How To Insure Business

Tips for buying Professional Liability Insurance

When insuring your property, it’s essential to make well-informed decisions to ensure your operations and assets are adequately protected. Here are some crucial tips to consider.

Assess Your Insurance Needs

Determine whether your profession or business requires Professional Liability Insurance. If your work involves providing professional advice, services, or expertise to clients, this insurance is highly recommended to protect against potential legal claims.

Understand What's Covered

Learn about the different coverage options available in Professional Liability Insurance policies. Each policy may have specific inclusions and exclusions, so make sure you understand what is covered and what is not.

Work With An Insurance Agent

If you have any questions or concerns, don't hesitate to consult with an insurance agent or broker who specializes in Professional Liability Insurance. They can provide valuable guidance and help you make informed decisions about your coverage.

How much does Professional Liability Insurance Cost?

Professional Liability Insurance - Cost

The cost of Professional Liability Insurance varies based on factors like the profession, risk level, coverage limits, claims history, and business size. Small to medium-sized businesses typically pay a few hundred to a few thousand dollars annually. To get an accurate estimate, request quotes from your lour local insurance agent. 

Factors that Affect The Cost Of Professional Liability Insurance

The cost of Professional Liability Insurance is influenced by various factors, such as the type of profession or business, the level of risk associated with the services provided, claims history, coverage limits required, and the size of the business. Additionally, industries with higher potential risks and larger businesses may have higher premiums, while smaller businesses with lower risk profiles might pay lower premiums for their coverage.

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Who Can Benfit From Having A
Professional Liability Insurance

Who Can Benfit From Having A Professional Liability Insurance Policy?

A Professional Liability Insurance policy, also known as Errors and Omissions (E&O) insurance, is designed to protect professionals from claims made against them for negligent acts, errors, omissions, or mistakes they might make while providing professional services. This type of insurance can be beneficial for various individuals and businesses, including:

Accountants & CPAs
Barbers & Hair Stylists
Doctors & Physicians
Insurance Agents
IT Specialists
Land Surveyors
Mortgage Brokers
Public Notaries
Real Estate Agents

Your Business Deserves the Best Defense.
Protect What Matters

Request Your Personal Liability Quote Today

Our comprehensive Personal Liability Insurance safeguards your expertise and the things that matter most to you. Get peace of mind by requesting your quote today, ensuring you’re covered in case of unexpected events or claims.

Professional Liability Insurance Coverage Details

Professional liability insurance, also known as errors and omissions (E&O) insurance or professional indemnity insurance, offers specialty coverage that is distinct from homeowner’s endorsements, in-home business policies, or business owner’s policies. Geared towards professionals compensated for their expertise, this insurance provides essential liability coverage for claims directly linked to the services they offer. Unlike general liability coverage that safeguards businesses against third-party accidents, professional liability insurance specifically addresses risks associated with the professional services provided.

Standard Personal Liability Insurance Coverage

Standard Personal Liability Insurance Coverage provides essential protection for individuals and families against claims or lawsuits resulting from bodily injury or property damage for which they are found legally responsible. This coverage helps safeguard your assets and provides financial support in case of accidental incidents occurring on your property or due to your actions that lead to harm or damage to others.

Alleged or actual negligence
Alleged or actual negligence coverage, included in professional liability insurance, protects professionals from claims and legal actions arising from alleged mistakes, errors, omissions, or negligent acts in their professional services. This coverage is designed to provide financial support for legal defense costs and potential settlements if the allegations of negligence are proven to be valid, safeguarding the professional's reputation and assets.
Personal injury (like libel or slander)
Personal injury coverage, typically included in personal liability insurance, provides protection against claims and legal actions arising from non-physical injuries caused by an individual, such as libel, slander, defamation, or invasion of privacy. This coverage helps cover legal expenses and potential settlements in case of allegations of personal injury, ensuring peace of mind for the policyholder in case of such claims.
Copyright infringement
Professional liability insurance provides coverage for claims related to copyright infringement, protecting professionals from potential legal and financial consequences. This coverage is essential for professionals in creative fields who deal with intellectual property and may face allegations of copyright violations from clients or third parties.
Past Service Claims Coverage
Claims arising from services provided in the past are typically covered by professional liability insurance (errors and omissions insurance). This coverage protects professionals from legal and financial consequences if clients or third parties file claims related to services rendered in the past, offering crucial peace of mind for potential retrospective claims.
Temporary Staff Coverage
Temporary Staff Coverage offers protection for businesses that employ temporary or seasonal staff, guarding against potential liabilities and claims arising from the actions or work performed by these temporary employees. This coverage is crucial for businesses to ensure that their operations remain protected and that temporary staff's actions do not expose the company to unnecessary risks.
Independent Contractors Coverage
Independent Contractors Coverage provides protection for businesses hiring or working with independent contractors, shielding them from potential liabilities and claims arising from the contractors' actions or work performed on behalf of the business. This coverage is essential to safeguard the business's interests and assets while ensuring that contractors' activities do not pose undue risks to the company.

Claims Not Covered By A Professional Liability Policy

Personal liability insurance is not intended to serve as comprehensive commercial liability coverage. While it provides protection against claims related to your professional actions, it does not cover certain types of claims, including:

Professional liability insurance is not designed to cover claims related to physical injuries or property damage. For these incidents, businesses typically need general liability insurance.

Intentional fraudulent acts are typically not covered by professional liability insurance. These actions are considered outside the scope of professional errors and omissions.

Claims related to employment practices, such as wrongful termination or discrimination, are usually excluded from professional liability coverage. Businesses typically need employment practices liability insurance (EPLI) for such claims.

Claims arising from false advertising or misleading marketing practices are not typically covered by professional liability insurance. Businesses often require advertising liability coverage for such situations.

Claims related to patent or trade secret infringement are generally not covered by professional liability insurance. Businesses may need intellectual property infringement coverage for these situations.

Claims arising from mishandling personal identifiable information (PII), such as data breaches, are often excluded from professional liability coverage. Companies may need cyber liability insurance for such events.

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Where Do I Find a Copy of My Insurance Policy?

Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.

What Happens When You Upload Your Policy?

Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Security, Extra Peace of Mind

To receive a professional liability insurance quote with Lopriore Insurance, simply provide your professional details and coverage requirements, and their experienced team will offer you a tailored policy that protects you from potential claims and legal liabilities, giving you the confidence and security you need in your professional endeavors.

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Professional Liability Insurance FAQs

The policy pays other parties for damages that you’re legally liable for as a result of your professional actions. For example, negligent acts, errors, or omissions in the performance of your professional services. These damages may include property damage, bodily injury, economic loss, and legal expenses. The policy covers your legal costs even if allegations are false or groundless.

There are several factors that help determine your premium for professional liability.
• Your chosen limits and deductible
• Your work history
• The size of your business
• Claims history
• The number of people the coverage protects
• Professional business practices established by your company

Professional liability insurance provides coverage for damages related to negligent acts, errors, or omissions in performing professional services. Examples include mistakes in the preparation of plans, surveying errors, or failure to provide services per the reasonable standard of care.

A commercial general liability policy covers non-professional activities on the premises of your business (like when a customer slips and falls).

Not necessarily, but most businesses can benefit from a policy. Any business that offers advice, skilled services, or products that require technical training could face a lawsuit from a disgruntled customer or patient. Professional liability insurance is the only coverage that protects you from these claims.

A professional liability policy can include a period of time before the inception of the policy. If a significant financial loss occurred before the policy is instated, the retroactive period can provide coverage for the loss.

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