The Importance Of E & O Insurance
There is no denying that people today are ready to sue at the drop of a hat. Anyone who provides a professional service needs to be aware of the risk they may be in should one of their customers or clients decide to sue them. Whether it is a lawyer, Realtor, accountant, inspector, financial advisor or any other professional offering their services, e & o insurance should be considered a necessary part of doing business.
It is tempting to think that all one needs to do is be very careful and never leave out any information or important details, but that is just not possible. Some things are simply beyond our control. It could be a simple phone message that gets misdirected, or a fax that never arrives; these things happen everyday. No one plans on making a mistake or leaving out critical details, but mistakes do happen. And when a mistake happens in regards to a financial investment, a real estate transaction, or any other business matter, the financial damages can be huge; not to mention the cost and expense of defending the case. With an errors and omissions insurance policy, the professional will be covered in the event they ever find themselves involved in a lawsuit as a result of this kind of oversight.
Not only will e & o insurance cover the financial damages or awards if the professional is found to be at fault, but many policies will even cover the expense of defending a case. This is important because there can be many times when a client may bring a lawsuit that is completely unjustified and without cause, but without errors and omissions insurance, the professional would be responsible for defending himself or herself even though no fault is found. This can cost thousands of dollars and may even financially ruin some professionals or businesses.
When looking for errors and omissions insurance it is important to speak with a knowledgeable insurance agent. They will be able to guide you to the right kind of coverage for your particular service or industry and will show you areas or gaps you may have overlooked. Each profession will have its own unique risks that need to be considered and finding the right policy can mean the difference between financial ruin and a successful defense if a lawsuit is ever brought against you.
When it comes to e & o insurance, it is a wise decision to consider it a necessary business expense, especially if you perform a service to the public. Just like you would not drive without automobile insurance, a professional should not put him or herself on the line and provide services without errors and omissions insurance. The financial devastation that could result from not being covered is not worth the risk.
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