Professional Liability Insurance in Maine
Allen/Freeman/McDonnell Agency
Professional Liability Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Professional liability insurance is commercial insurance that’s specifically intended for professionals. These are generally workers who apply specialized skills or knowledge within the scope of their work.
Medical Providers (including physicians, physician assistants, nurses and paramedics)
Legal Workers (including counselors, attorneys, paralegals and legal secretaries)
Financial Professionals (including advisors, planners, accountants and bookkeepers)
Lawyers professional liability insurance helps protect legal professionals against claims of negligence, errors or omissions that cause financial harm to another person or party.
What is professional liability insurance?
Working in a professional capacity comes with a common risk, for professionals may be held financially liable if their error causes a client harm. Purchasing professional liability insurance is one way that professionals in Maine can protect themselves from this risk in many situations.
Professional liability insurance is commercial insurance that’s specifically intended for professionals. These are generally workers who apply specialized skills or knowledge within the scope of their work.
Who in Maine should consider purchasing professional liability coverage?
Most Maine workers who apply specialized skills or knowledge should at least consider professional liability coverage. The following are only a few examples of professionals who frequently can benefit from having coverage:
- Medical Providers (including physicians, physician assistants, nurses and paramedics)
- Legal Workers (including counselors, attorneys, paralegals and legal secretaries)
- Financial Professionals (including advisors, planners, accountants and bookkeepers)
- Real Estate Professionals (including agents and brokers)
- Construction Professionals (including architects, engineers, builders and remodelers)
- Contractors (including general contractors, electricians, carpenters and HVAC techs)
In certain lines of work, professional liability coverage isn’t merely suggested but is required. Medical providers, for instance, normally have to maintain a minimum amount of coverage by law. Contractors generally find that they can’t get major jobs unless they have coverage in place.
An insurance agent who specializes in professional liability can help workers compare policies that are designed for their particular field.
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Who is medical malpractice insurance for?
Medical malpractice insurance is a type of professional liability coverage for medical providers. Policies generally cover errors in diagnoses, treatment and surgery (if applicable). Physicians are most well-known for needing this type of coverage, but mid- and low-level providers typically need the coverage too.
Who is errors and omissions insurance for?
Errors and omissions insurance (E&O insurance) is primarily for professionals who give advice, and aren’t in the legal field. Real estate and financial professionals often purchase this particular coverage. It’s also sometimes used by contractors to protect against any incorrect advice they may give customers.
Who is directors and officers insurance for?
Directors and officers insurance (D&O insurance) is primarily for people who lead organizations, be they businesses or nonprofits. This insurance could protect against some leadership decisions/actions that adversely affect an organization. Board members, presidents and C-level execs may consider the coverage.
Do employers provide their workers with professional liability coverage?
Many companies that hire professionals provide their workers with professional liability coverage. Any employer-provided coverage is likely limited to when work is done for the company, however, and probably doesn’t extend to pro-bono or side work.
How can professionals in Maine get professional liability insurance for themselves?
For help finding professional liability insurance in Maine, contact the independent insurance agents at Allen/Freeman/McDonnell Agency. Our agents can recommend the best available policies regardless of what insurance company offers them, since we’re independent. We also have the expertise necessary to make sure a chosen policy suits your work’s risk exposure well.
