subject: Errors and Omissions Liability [print this page] Errors and Omissions Liability Errors and Omissions Liability
Insurance for errors and omissions liability is also known as Malpractice or Professional Liability insurance it covers professionals against mistakes or negligent acts they make which have the potential of causing financial setbacks to the recipients of their services. In reality, errors have the potential of occurring in any professional service, for this reason, there is a large selection of E&O policies that are tailor made to cover companies and professionals according to the industry in which they operate. This cover includes the cost of legal defense in spite of whether the insured party is liable for the financial damages or not, including settlements or judgments concerning their case up to the policy limits. The ability to understand the various E&O insurance policies available to professionals as well as how they operate is able to provide a deeper understanding of the options available for commercial professional liability.
E&O Insurance for a Real Estate Agent.
Real Estate transactions have become increasingly complicated over time. Even though mortgage agents and brokers are trained and have been licensed in the same state that they operate, they are entitled to make errors every now and again. In spite of the fact that some of the claims that arise are unfounded, agents still need cover because legal defense can cost thousands of dollars. Professional liability insurance for real estate agents provides cover for financial losses that come from law suits filed due to work that is related to the real estate profession. It is necessary to have this cover in order to secure protection against both false as well as legitimate claims, for the purpose of satisfying the real estate commission regulations of the state ad to safeguard your reputation.
Insurance for Medical Malpractice.
Insurance policies for medical malpractice are tailor made for medical doctors and any other professionals employed in health care. High standards are required of doctors, nurses and other medical professionals, for this reason they are at a high risk of facing a law suit for failing to diagnose or causing harm to a patient. For physicians, errors and omissions liability insurance covers damages from a founded claim, judgments, settlements and court costs. Even if claims are considered to be unfounded, court costs are still covered.
E&O for Insurance Agents.
Just like all the other professionals, insurance agents are also at risk of receiving law suits in the course of conducting their business. If a certain recommendation or advice is given concerning a policy which results in a client's professional obligation. An E&O policy provides cover for agents against claims with the Department of Insurance as well as the carrier for which they provide representation.
For most professions E&O insurance is vital. If your profession requires certification or licensing in order for you to practice, then the likelihood of your requirement for E&O insurance is high. Visit your commercial insurance agent to talk about the options available as well as premiums and to ensure that you are adequately covered.
