What Is Errors and Omissions Insurance?

Working professionals must deal with a wide variety of insurance. Each field has its own list of must haves and add-ons, but errors and omissions insurance is fairly standard across the board. What is E&O insurance? This type of coverage takes care of the legal fees associated with negligent actions and inadequate work claims. Even when the defendant is found not guilty, the full expenses of trials, mediations and lawyers can wipe out an enterprise.

Where to Find E&O providers?

Some agencies will specialize in this field, but many bigger insurance companies will offer E&O as part of a package or as an add-on to an existing policy. To find a suitable policy, do some research online and consult with a local insurance broker. Different industries require different particulars, so be sure that prospective policies can cover the demands of the appropriate industry.

Who Should Have E&O Policies?

First and foremost, if an enterprise has a long list of staff members, owners should seriously consider this type of insurance. E&O protects against unintentional mistakes and with a large number of employees, the risk of error increases significantly. The most well-trained and dedicated professional cannot predict every future obstacle and is not immune to imperfection. As such, the policy is always a good safety net.

What is E&O Insurance? It is a safeguard against unforeseeable hurtles down the line. It can ensure that a business is capable of surviving a malpractice claim.