Choose The Right Insurance For Your Needs

Everyone realizes the importance of having insurance to protect themselves

, their property and their finances in the event of an accident or catastrophic event; whether it is an automobile collision, hurricane or wind damage, personal injury resulting from a fall or other accident, or even financial loss resulting from accidental omissions or errors in facts. Insurance is a necessary part of every day life, especially for the business owner or professional who deals with the public on a regular basis and this insurance should include e & o insurance coverage.

Some people have the idea that if they are careful they will not need errors and omissions insurance, but this coverage is an essential part of dealing with the public that should be considered an important part of your overall insurance protection package. No one, regardless of how careful they are can avoid every occurrence of being found negligent of an error or omission and without the necessary protection; the professionals can find themselves in a very expensive legal battle and may face huge financial losses.

Errors or omissions do not have to be about outright fraudulent activity; there can easily be a misunderstanding or miscommunication, which can result in an error or omission of factual information. Emails are sent to a wrong address, or messages are not received; any number of seemingly innocent mistakes can occur, but these little mistakes can sometimes have dire consequences, especially when dealing with financial transactions or items involving large sums of money. One important piece of information that is not properly disclosed can result in a lawsuit due to either an error or omission on the part of the professional and without proper e & o insurance to protect them, the professional can find themselves in a very difficult legal battle that can ruin them financially.

Whether it is an insurance agent, Realtor, inspector, contractor or other professional performing services for the public, having errors and omissions insurance can provide a very important form of protection. Many people do not understand the importance or necessity of this coverage, but a discussion with your insurance agent will help to clear up any misunderstandings as well as guide you in the types of coverage you need.

There are many different types of insurance policies and the type for each individual will vary according to their specific needs. As mentioned, if it is a professional dealing with the public on a regular basis e & o insurance will be necessary. Other types of insurance will vary according to profession and level of risk. Obviously, a business owner is in a unique position that will require certain insurance coverage to protect not only their business but their financial security as well.

by: Bob Roberts

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