Errors and Omissions Insurance
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People commit mistakes and problems occur in the aftermath. It’s completely normal. Whether it’s a person, business or a professional, not everyone can do everything perfectly all the time. However, some errors can profoundly impact your business and your profession, should they escalate with lawsuits and litigations.
Business lawsuits and liabilities can lead to substantial irreversible losses. No matter how much you try, you can’t always avoid these instances. What you can do instead if protect your business against legal issues by getting errors and omissions insurance.
By getting E & O insurance, you’ll be able to protect your career, your business, and prevent the risk of debt and business shutdown.We’ve compiled some errors and omissions insurance (also referred to as professional liability insurance) basics and linked some insightful content for your profession. Have a look at them below before getting your errors and omissions insurance policy!
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Frequently Asked Questions
Is E & O Insurance required by law?
No, E&O insurance is not mandatory by law in all fifty states. Certain states have set federal requirements on E&O insurance for professions that involve higher risks like law practice and medical field.
For instance, in the state of Tennessee, timeshare salesperson, affiliate brokers and real estate brokers are required by law to have errors and omissions insurance. Similarly, Colorado mandates E&O coverage for all real estate businesses.
Even in the states where it is not mandated, businesses are advised to purchase E&O insurance to protect themselves from the financial damages that can result from errors and omissions.
When should I purchase E&O insurance?
You should purchase E&O insurance as soon as you start your business. This way, you will be protected from the financial damage that can result from errors and omissions.
What does E&O insurance cover?
Errors and omissions insurance policies cover attorney fees, court costs, and settlements costs up to the policy’s limits. This also includes a variety of claims, including negligence, misrepresentation, breach of contract, and even unfair competition. Some policies also provide coverage for pre-judgment interest and punitive damages, which are not typically covered by general liability insurance.
However, the forms of insurance coverage that are most appropriate for you will be determined by a variety of circumstances, including the following:
- Driving records
- Condition of your vehicles
- Use of your trucks and cargo
- State and federal requirements
- Distance travelled
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Which Are the Most Appropriate Errors and Omissions Insurance According To My Profession?
Here are a few of the professions that need E & O insurance:
- Real Estate Agents
- Personal Trainers
- Health Professionals
Are Errors and Omissions Insurance, Professional Liability Insurance, and Malpractice Insurance the Same?
One can often get confused with terminologies in the world of insurance. Professional liability insurance, malpractice insurance, and E & O insurance are terms that can be used interchangeably in most situations. The usage of these words generally differs according to the industry that you’re working in. However, the purpose of the insurance is the same, no matter the terminology.
Curious to learn more about E & O insurance, professional liability insurance, and malpractice insurance?
Error and Omissions Insurance 101
Purchasing errors and omissions insurance need not be intimidating. Have a quick read through a guide that we have come up with to help you out.
- Basics of E & O insurance
- What does E & O insurance cover?
- How does it really work?
- Things to remember while buying E & O insurance
Making mistakes is okay but they can come with consequences. Here is why you need to know what professional liability insurance is.
Explore why E&O insurance for insurance agents is necessary and how beneficial it is for you. Also, follow essential tips to manage professional errors.
Everything you need to know about E&O insurance – why you need it, how to make a claim and also tips for dealing with an E&O lawsuit.
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