If you are a professional, offering services, guidance or consultancy you cannot make a mistake, create misunderstanding, delay services, harm your client and try to get away with it by simply saying, “I beg Your Pardon, I didn’t mean to do it.” You will be sued for it and may have to pay a heavy penalty for it. But there are ways you can escape the same if you have E & O Insurance, in other words Errors and Omissions Insurance.
Errors and Omissions Insurance gives coverage when you get caught in lawsuits, it defends the claim and pays any settlement against you, up to the limits stated in your policy.
Errors and Omissions Insurance is a policy that can be taken by consultants, real estate brokers, insurance agents, public notaries, appraisers, management consultants and information technology service providers, software and website developers, architects, engineers, attorneys and many other professionals. A financial damage can be caused in any profession. All need protection from the errors they have committed by mistake.
What is covered?
Claims that result in dishonest and criminal acts by you
Claims against you if you damage someone’s property
Claims against you that may have caused severe bodily injuries or death of another person
How to Buy Errors and Omissions Insurance?
Errors and Omissions Insurance gives coverage when you get caught in lawsuits, it defends the claim and pays any settlement against you, up to the limits stated in your policy.
Errors and Omissions Insurance is a policy that can be taken by consultants, real estate brokers, insurance agents, public notaries, appraisers, management consultants and information technology service providers, software and website developers, architects, engineers, attorneys and many other professionals. A financial damage can be caused in any profession. All need protection from the errors they have committed by mistake.
What is covered?
- Unintentional breach of contract due to unavoidable circumstances.
- Negligent acts, errors and omissions
- Overlooking copyright laws
- Breach of confidence
Claims that result in dishonest and criminal acts by you
Claims against you if you damage someone’s property
Claims against you that may have caused severe bodily injuries or death of another person
How to Buy Errors and Omissions Insurance?
- First find an independent agent who specializes in insurance coverage specific to your need.
- You must approach a few agents and get their quotes so that you can compare and can choose one that suits you.
- You must see that the agent explains the policy in details to you so that you are very clear about all the aspects of it.
- Most importantly be very organized and develop good business habits so that you don’t have many errors and omission claims.
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