Tips for Errors and Omissions Insurance
As a professional you are expected to provide high quality work. You will need a good level of knowledge and experience in your business area. If you have a license or certification you should be able to meet a certain quality level. However, you need to protect yourself against any claims for negligence. You can do this by obtaining an errors and omissions insurance. This type of insurance is also known as professional liability insurance. Keep in mind that this is not the same with general liability coverage. First of all you need to get familiar with the limits for an errors and omissions insurance. You will be protected against lawsuits. However, you will have a limit of money stated on the insurance contract. Discovering the various types of errors and omissions insurances can bring you a better protection. Check what is covered by this type of insurance.
If you are causing material damage to your clients you will be protected by the professional liability insurance. Keep in mind that this can happen to anybody. For example, you can fail to act in a timely manner or you can be accused of negligence. With the errors and omissions insurance you can cover this type of monetary damage. The defense fees will be paid by the insurance company.
The insurance policy can be claims made or occurrence. With the claims made insurance policy you will have limits for filing a claim. Make sure you read carefully the contract to see what claims are covered. For the occurrence insurance you will have to pay more money but you will have a higher level of coverage. This is recommendable especially if the claims are unpredictable. Your claim will be covered even after you cancel the policy. The unlimited reporting can bring you a lot of benefits. The only drawback for the occurrence insurance is the high price.
It's important to know that the professional liability insurance will not cover any intentional or criminal acts against a client. If your errors and omissions insurance will expire you should keep it in a safe place. Make sure you don't throw it away for at least 10 years. You never know when you will need it again. A claim can be made against you after a long period of time. This is why you should save your expired insurance policy. Every professional should have professional liability insurance. In case you risk exposure to a lawsuit you can consult an insurance company. An agent can help you decide what type of policy is the best for your career. This is an important decision and you need to be well informed. The errors and omissions insurance can help you save a lot of money.
Questions and Answers
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