Professional Liability Insurance in Connecticut

What is professional liability insurance?

Working in almost any professional capacity brings certain risks, as you might be held liable if a mistake costs your client. Professional liability insurance can help protect professionals in Connecticut from the potential financial costs that follow after a major mistake.

Professional liability insurance provides tailored coverage for those working in professional capacities. This generally includes those offering advice, as well as some with specialized skills.

Who in Connecticut should consider professional liability coverage?

Professional liability coverage may help most Connecticut professionals shield themselves from lawsuits over their work. Policies are available for the legal, medical, financial, and other fields. Some examples of professionals who might want this type of coverage include:

• Financial planners and advisors, wealth managers, etc.
• Primary care physicians, surgeons, physician assistants, nurses, etc.
• Dentists, chiropractors, massage therapists, etc.
• Psychiatrists, therapists, counselors, etc.
• Attorneys, mediators, paralegals, etc.
• Real estate agents, real estate brokers, home inspectors, etc.
• IT and other consultants
• Construction and skilled trade workers
• Leaders of businesses and nonprofits

While all of these professionals might benefit from having a professional liability policy, each should look for a policy that’s particularly suited for their line of work. An insurance agent who knows professional liability policies well should be able to find one that’s tailored for a specific field.

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How does professional liability work for professionals who are employees?

Professionals who work as employees typically have professional liability protection under their employer’s policy. Professionals may want to confirm this, but most employers who hire these types of professionals have a policy that covers them.

Any employer policy, however, likely only applies when doing work for the employer. It often doesn’t cover outside work, whether done pro-bono or for extra income. Professionals can ask any charities they do pro-bono work for whether the charity has professional liability protection that applies to them. Those who individually take on side work should consider getting a policy for these jobs.

What types of professional liability policies are available?

There are several types of professional liability policies which are tailored for different fields. The most common policies are:

• Medical Malpractice Insurance (healthcare providers)
• Legal Malpractice Insurance (legal professionals.
• Errors and Omissions Insurance (professionals giving advice)
• Directors and Officers Insurance (organization leaders)

Errors and omissions is used by real estate professionals, financial advisors, consultants, and others who are mainly hired for their advice. Directors and officers is mainly for those holding leadership positions. These are frequently abbreviated E&O and D&O, respectively.

Is professional liability needed when doing volunteer work?

Professionals who make mistakes might be sued even if they’re serving pro bono. Yes, professionals should consider their risk exposure, and corresponding coverage needs, when volunteering.

Some charities may have professional liability coverage that extends to their volunteers. If not, professionals may want to purchase their own policy.

Does professional liability cover online services?

As working remotely and online becomes commonplace, many professional liability policies now are able to cover online work. It’s important for professionals to confirm that a particular policy includes online services, as coverage details can vary. A knowledgeable agent can assist with this.

How much do professionals pay for professional liability coverage?

The premiums charged for professional liability coverage vary a lot. For instance, a surgeon can expect to pay much higher premiums than a real estate agent. A professional’s field, work, experience and past liability claims all can impact premiums, as can many other factors. 

An independent insurance agent is able to help professionals compare custom quotes from several insurance companies.