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3 Tips About Errors And Omissions Insurance
Obtaining a professional license of any sort should be a time to celebrate
. However, working in a professional environment in which you serve others can often lead to a great deal of liability. As such, most professionals carry some sort of liability insurance. For those in a number of fields, that type of insurance is commonly called Errors and Omissions Insurance (E&O Insurance) Below are three tips about Errors and Omissions Insurance.TIP #1: E&O is Malpractice
Technically, Errors and Omissions Insurance covers any sort of transaction in which a client may consider your professional work to be either damaging or to have not lived up to the client's expectations. Depending on the field, this insurance may be called malpractice, professional liability insurance, or (yes), Errors and Omissions insurance. The names used by the insurance company will, however, tends to give customers a decent idea of exactly what sort of professional that they tend to insure. E&O is used a generic term, as malpractice tends to sound a bit more like insurance for a specific profession. Any career, from a wedding planner to a surgeon, can need some sort of liability insurance to protect against mistakes.
TIP #2: Good Coverage is Standard
When looking for coverage, you will generally see a number of standard packages (usually advertised as "100,000/300,000 coverage). Unlike most other sorts of insurance, however, this standard coverage is actually quite good for the vast majority of potential clients. In theory, most practitioners will rarely, if ever, have to rely on these policies, and the standard policy tends to cover most reasonable potential suits.
TIP #3: Coverage Costs Less than a Suit
When one thinks of insurance, one may think of policies such as car insurance or home insurance - policies that tend to cost more over a lifetime than they will ever likely pay out. Errors and Omissions insurance, on the other hand, will cost most professionals less than the policy will ever pay out. A standard therapist's policy, as an example, will generally cost around one hundred dollars per year. At this rate, it would take a therapist one thousand years of premium payment to equal out the general one hundred thousand dollar one time maximum payout for a suit.
Error and Omission insurance goes by many names, but it quite useful for all professionals. It can keep a new practice open in the case of a mistake, or help a thriving career keep moving along when targeted by a malicious suit. It is generally considered a necessity by most large practices for employees to carry some form of E&O insurance, and any small business should consider a similar policy. After all, the small payments on the premiums are much easier for any business to handle that the large payouts that are common in malpractice lawsuits.
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