The E&O Policy
The rules and regulations relating to industry cause many professionals to consider e&o insurance. Professional sales people are undergoing increased scrutiny and industry rules. There was a time when such professionals did not require any licenses or insurance before they could conduct business. Those days have changed and sales people typically need to undergo a number of training hours that includes a thorough testing before being issued a license. Once they have a license, it needs to be kept current by the sales person attending even more study classes. Apart from obtaining a license, insurance against errors and negligence has also become the norm. While conducting business a sales professional may forget a small detail that makes the client unhappy. Many sales people are sued for omitting some small fact while dealing with a client. Policies to cover such errors and omissions were devised to help aid sales professionals who are being sued in this way.
These policies are widely utilized by professionals in the financial and insurance sectors. Due to stiff regulations in these areas, certain protocol must be followed. The increasingly difficult rules that are being applied means that many companies choose to turn to the e&o policy to protect their staff. This may be introduced either as an insurance policy or a bond of surety. If a staff member is sued for an error he made with a client, the insurance policy or bond will pay the claim. This is an excellent way to protect professional staff against lawsuits.
Professionals who own a small business may hesitate to implement e&o insurance, as it can be expensive. There are other business owners who dilute the premium expenses by including each individual sales person under its cover. This group insurance means that each staff member must pay for his allocated share of the policy premiums. Having such extensive cover allows professionals to conduct their business confidently, knowing that they have an excellent errors and omissions policy in place should problems arise.
The policy provides cover against malpractice suits and it can be obtained through several insurance companies. These policies are typically divided into two sections, one of which offers payment up to a certain agreed amount. Multiple payments can be made when a single error leads to several claims. Filing claims may cause monthly premium payments to rise, just as in other types of insurance. Group members who share insurance may all be included in the higher premium payment, even those who were not part of the lawsuit.
In this economic climate, e&o insurance is an attractive solution for professionals who want excellent protection against lawsuits. The government laws were put in place to protect the consumer, but in many ways they have tied the hands of professionals who are simply trying to do their jobs. By using this insurance, professionals can regain some peace of mind while getting on with business. If they are sued for an error, they know that they have a policy that can help them in those times of need!
Questions and Answers
At the global level, 13 million ha forest land is being deforested annually and Pakistan is no exception to this where annual deforestation rate is quite alarming. The environment and carbon sequestration aspect of forests is becoming a major subject of international debate and the concept of Reduced Emissions through Deforestation and Forest land Degradation (REDD+) is now emerging as an innovative financing mechanism.
In the past studies on public policy were dominated by researchers and students of political science who largely concentrated in the institutional structure and philosophical justification of government. The focus was rarely on policies themselves. Past studies hardly recognized the role of organizations towards the formulation of policy. Yet, the policy is an important element of political process. According to Subramanian, Narendra (2007) Populist political forces have played significant
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This paper examines the dividend policy of 100 Malaysian public listed companies. The characteristics of the dividend-paying companies are identified, such as profitability, growth opportunities, firm risk, size, leverage and share distribution. Using coefficient of correlation method, dividend-paying companies are found to be relatively more profitable, less risky, matured and stable as compared to non dividend-paying companies. Smoothing hypothesis is tested.
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A written information security policy program is required for compliance with state, Federal and international data protection laws. In this article we provide seven key elements of an effective information security policy management program.
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