Professionals Should Invest In Error And Omission Insurance
Professionals Should Invest In Error And Omission Insurance
Commercial insurance is available to cover practically every legal exposure your business faces. While business owners understand the importance of covering the business property and the premises where they operates, many professionals fail to recognize the importance of insuring their professional designation. Error and omission insurance also referred to as professional liability or e & o insurance, is a specialized business liability policy that will protect you against potential lawsuits that occur during the course of providing services. Designed to cover the gaps found in general liability insurance packages, an errors and omissions insurance policy is a must have for professionals of all types. Understand who needs this form of liability insurance and what it covers to make a wise investment for your future.
Business professionals who offer a service rather than selling a product will generally have need for error and omission insurance. This specialized form of business liability insurance will protect you in the event a lawsuit arises when you make a false statement, a mistake, or give bad advice. In many industries, offering your clients inaccurate information can lead to financial harm. If your client loses money or misses out on a profitable investment because of your advice, they can file a lawsuit claiming you were negligent for their financial harm. General liability insurance policies will not provide coverage for these types of lawsuits, thus making a need for e & o insurance.
An error and omission insurance policy will be tailored to cover specific exposures you come into contact with every day. Several different professionals have a need for this type of professional liability insurance. Some professionals who should carry errors and omissions insurance include real estate agents, insurance agents, mortgage brokers, counselors, financial consultants, and anyone providing consulting services. Chances are if you went to school, received special training, or are required to hold a license in you profession, you need errors and omissions insurance.
All error and omission insurance contracts are available in limits of $1 million or more depending on how much coverage you need and how much you want to spend on an annual basis. The policy will pay for legal defense costs, judgments awarded and agreed upon settlements that arise from a claim. Claims adjusters will investigate each claim to determine whether or not it is founded. The insurance contract will pay to defend against unfounded claims as well.
If you are a wise business owner and a wise professional, you will invest in error and omission insurance for your own protection. Save your business reputation and your professional designation by investing in this insurance. If you face a lawsuit, you will have the peace of mind in knowing you have someone on your side.
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