subject: The Errors and Omissions Insurance Quote A Powerful Tool for Saving Money [print this page] The Errors and Omissions Insurance Quote A Powerful Tool for Saving Money
In any industry, mistakes are common. Most of the time they are unintentional. However, if someone gets hurt because of a mishap, there is the possibility that they might file a complaint. This is where errors and omissions comes into play. It can protect businesses if the worse should happen. The only challenge is finding a plan that is within one's budget. An errors and omissions insurance quote can help in this process.
However, in order to get the most out of a quote you must first know what errors and omissions insurance is. Also known as E&O insurance, errors and omissions policies cover a company's legal expenses if a worker or customer files a complaint after some type of indiscretion. This works in contrast to general liability insurance, which may not cover gross negligence. Granted, you may not view the situation in this manner, but you never know what a judge might decide. For this reason, it is better to get quotes for E&O insurance plans over general liability.
Of course, there are some that feel differently, especially after gathering their quotes. On the surface, it may seem that general liability is a cheaper option. Yet, it may not cover everything, particularly for industries where there is a greater chance of negligence. The problems may not always be on your end either. The tech that breaks equipment during installation or the customer service person that gives bad advice could still be held liable. E&O insurance covers all your bases.
With all that being said, you are now ready to learn more about the quoting process in itself. Two options are available for initiating this process. You could either call a company up on the phone or you could try to get a quote online. If you already know which company you want to work with, a phone call might be the easiest alternative, as you will get the bare bones facts immediately.
Getting an errors and omissions quote online works differently. Usually, you will have to fill out a basic questionnaire. Once this is completed, you may get an instant quote through your browser or you may have to wait for one in your email. Either way, make sure you are honest in your questionnaire. Also, remember to choose the right industry, as E&O is not the same for everyone. For example, a doctor may have a different quote than that of a real estate agent, mainly because their liabilities are not the same. So, if a site does not make any specifications for industry, look for one that does, as it is a possibility that the former is trying to peddle a general liability policy.
In conclusion, the errors and omissions quote is a must for anyone interested in an E&O policy. It lets you know upfront how much you need to pay. Best of all, there are no financial commitments associated with the quoting process, whether you go online or call a company directly. Ultimately, you cannot lose with an E&O quote. Even if you decide not to go with a particular plan, at least you know what you can expect when you are ready to make a move.
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