Professional Liability Insurance in Vermont

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When should professionals in Vermont get professional liability coverage?

Most Vermont professionals who offer specialized expertise should consider getting professional liability coverage. Policies are available in legal, medical, financial, and other fields. For example, all of the following might get this type of policy:

• Legal: Attorneys, mediators, paralegals, legal secretary services
• Medical: PCPs, surgeons, specialists, physician assistants, nurse practitioners
• Other Healthcare: Dentists, optometrists, chiropractors, medical massage therapists
• Physical Therapy: Physical therapists, occupational therapists
• Counseling: Psychologists, psychiatrists, counselors, therapists
• Finance: Financial advisors, financial planners, wealth managers
• Consulting: College admissions consultants, management consultants, others

Leaders of businesses and nonprofit organizations might also consider certain professional liability coverage. In some cases, it’s also useful to tradespeople who regularly make recommendations to customers.

What types of professional liability policies are available?

While professional liability policies are broadly used across these many professions, not every policy is right for every profession. An insurance agent specializing in professional liability can make sure a chosen policy is tailored for a particular field.

Some broad types of professional liability policies are:

• Legal Malpractice Insurance
• Medical Malpractice Insurance
• Errors and Omissions Insurance (E&O)
• Directors and Officers Insurance (D&O)

E&O insurance is generally for those who focus on giving advice, rather than applying a skill. For instance, financial advisors, consultants, and real estate agents might get this type. 

D&O is generally for those who hold leadership positions, in case they’re sued over a covered decision or action. High-level executives, board members, and those in similar positions might choose this type of policy.

Do employees have professional liability coverage under their employer’s policy?

Employees are often covered under their employer’s professional liability policy, but there are caveats to this norm. Some employers might not have any or sufficient coverage, especially when considering how many employees they have.

Perhaps more importantly, any employer coverage is usually restricted to when doing work for the employer. An employer’s policy is unlikely to cover side work, or charitable work done for a nonprofit.

Employees who have side work normally should consider getting their own policy. It may also be wise to check just how much coverage an employer carries. These are both things that an insurance agent specializing in professional liability can assist with.

Do independent contractors have professional liability through the business hiring them?

Independent contractors are less likely to be covered by a hiring business’s professional liability coverage. A hiring business might extend professional liability protection, which would normally only apply when doing work for that business. It’s also common for hiring businesses to leave independent contractors responsible for their own coverage, though.

Independent contractors should review their situation with a knowledgeable agent, who can help decide how best to procure coverage in these situations.

Do all professional liability policies include coverage for working online?

While many professional liability policies now cover online work, this isn’t necessarily true of every single policy. An experienced insurance agent can confirm that a particular policy will cover working online.

How much does purchasing a professional liability policy cost?

The cost of a professional liability policy depends on many factors. The professional’s field, level of experience, qualifications, scope of work, and history of claims are just a sampling of what insurance companies look at. 

To find out how much a policy will cost them, professionals can contact an independent insurance agent, who’ll be able to look at quotes from different insurers.

Where can professionals in Vermont find professional liability insurance?

If you need help finding professional liability insurance in Vermont, contact the independent insurance agents at Palmer Insurance. We have the expertise necessary to find you the right policy.