Saturday, 4 June 2016

Errors and Omissions Insurance Coverage

are you covered with insurance
If you are in a professional industry that involves giving advice to customers, you may consider Errors and Omissions insurance. Lawyers, insurance salesmen, doctors, and many other professionals should have this insurance in case some well-intended advice turns out to be not so great after all. 

Errors and Omissions Coverage 

Not only does it cover faulty advice, it even covers mistakes and accidental mishaps, such as a doctor inadvertently leaving a bandage in a wound. E&O policies are part of the umbrella insurance that all business owners should already have.

Targets

Professionals are seen as easy targets for people to sue. Lawyers and doctors are especially vulnerable. Let’s say for example that a doctor gives advice to a patient to not have surgery. If that patient later experiences serious suffering by following the doctor’s advice, he or she can sue the doctor for malpractice. 


Lawyers

Lawyers should also be covered with an Errors and Omissions policy. Giving misleading advice to a client can result is huge losses. In these cases, the client will almost always sue for damages and court fees. Having an E&O policy allows professionals to operate without the risk of losing their businesses from one mistake. 

If you are in a professional field, we highly recommend you take a look at an Errors and Omissions policy.