Errors and Omissions Insurance in Massachusetts

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Errors and Omissions Insurance Massachusetts

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Errors and Omissions Insurance Massachusetts

What is errors and omissions insurance?

Errors and omissions insurance is a form of professional liability insurance that protects businesses from lawsuits stemming from mistakes or failure to deliver promised services. E&O insurance is particularly important for professionals who offer advice, recommendations, or services, as even minor errors may result in significant financial losses for clients. In Massachusetts, E&O insurance is critical for industries like real estate, consulting, legal services, and financial advising.

Who needs errors and omissions insurance in Massachusetts?

E&O insurance is vital for any business in Massachusetts that provides professional advice or services. Some of the key industries that should consider this coverage include:

  • Real estate agents and brokers: Massachusetts real estate professionals often handle high-value transactions. Even a small error in paperwork or an overlooked detail may lead to significant financial loss for clients, making E&O insurance a must.
  • Consultants: Whether you’re an IT consultant, business advisor, or marketing specialist, your clients rely on your expertise. Errors in advice or strategy implementation may lead to financial harm, and E&O insurance ensures you’re protected.
  • Financial professionals: Accountants, financial planners, and tax advisors in Massachusetts are at risk for claims of negligence or errors in financial advice, which could result in legal action. E&O insurance covers these risks.
  • Healthcare professionals: While medical malpractice insurance covers most healthcare-related claims, some Massachusetts professionals, like therapists or mental health counselors, might benefit from additional E&O coverage for non-medical claims.
  • Legal professionals: Attorneys, paralegals, and other legal professionals may also require E&O insurance to cover mistakes or oversights in legal advice or documentation.


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Can independent contractors obtain E&O insurance coverage?

Yes, independent contractors may and should obtain E&O insurance coverage. Many professionals in Massachusetts operate as independent contractors, providing services without the backing of a larger company. E&O insurance offers them the same level of protection against lawsuits for professional errors, omissions, or negligence. In some industries, clients may require independent contractors to carry their own E&O insurance before they can be hired for a project. Having this coverage helps protect the contractor’s personal assets and ensures they may afford legal representation in case of a claim.

Errors and Omissions Insurance Massachusetts

What does errors and omissions insurance cover?

Errors and omissions insurance in Massachusetts typically covers the following:

  1. Negligence: Protection against claims alleging that a professional failed to perform their duties or provided substandard services.
  2. Mistakes and Oversights: Coverage for errors made in the course of providing professional services, such as incorrect advice, missed deadlines, or failure to meet industry standards.
  3. Defense Costs: Payment for legal defense costs associated with defending against claims, regardless of whether the claim is valid or not.
  4. Settlements and Judgments: Coverage for settlements or court-ordered judgments resulting from a lawsuit.
  5. Breach of Duty: Protection against claims related to breaches of duty, such as confidentiality or fiduciary responsibilities.
  6. Client Financial Losses: Coverage for financial losses suffered by clients due to the professional’s errors or omissions.

The primary difference between claims-made and occurrence-based E&O insurance is when the policy will cover a claim. Claims-made policies provide coverage only if the claim is made during the active policy period, regardless of when the incident occurred. For continuous protection, the policy must remain active, as claims made after the policy ends are not covered. In contrast, occurrence-based policies cover incidents that happen during the policy period, regardless of when the claim is filed. Even if the claim is made after the policy expires, an occurrence-based policy will still offer coverage for incidents that occurred while the policy was active.

In most cases, errors and omissions insurance does not cover data breaches or cybersecurity concerns. E&O insurance is designed to protect against professional mistakes, negligence, or failure to perform services as promised. For businesses in Massachusetts dealing with sensitive data, a separate cyber liability insurance policy would be necessary to cover the financial losses and legal liabilities related to data breaches, hacks, or other cybersecurity risks. Some E&O policies may offer limited coverage for data-related errors, but it’s essential to review the policy specifics or add a cybersecurity endorsement if needed.

The cost of errors and omissions insurance in Massachusetts varies based on several factors, including:

  • Business size: Larger businesses with more clients or higher revenue typically require more coverage, leading to higher premiums.
  • Claims history: If your business has faced lawsuits or claims in the past, this may increase your premium.
  • Industry: Certain industries, such as financial services and legal professions, face a higher risk of claims, leading to higher costs for E&O insurance.
  • Coverage limits: The amount of coverage you choose will also impact the cost. Higher coverage limits naturally come with higher premiums.
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How can Massachusetts professionals obtain errors and omissions insurance? 

Reach out to the independent agents at Atlantic Insurance Brokerage for a fast quote on errors and omissions insurance in Massachusetts. Whether you’re a small business owner, an independent contractor, or a professional providing services or advice, having the right E&O insurance is essential to protect your reputation and finances. Our experienced agents will help you find coverage tailored to your specific industry and needs, ensuring that you’re protected from costly lawsuits and claims. 

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