Errors And Omissions Insurance Explained
Errors and omissions insurance is a policy that covers a business professional against any accident or mistake that may occur in their practice or agency leading to a case that may end up in court. This policy will cover a practice or agency throughout the legal process, from judgement to settlement of the case, all in the hope of saving a practice or an individual's reputation.
Errors and omissions insurance may be referred to as E & O or malpractice insurance. It may be referred as this for doctors, dentist or chiropractors. Errors and omissions insurance should be purchased when a business is first started and included in their insurance portfolio.
The bottom line is that if you are a professional, you need to consider errors and omissions insurance. If your clients can suffer from a mistake you made, then you are a perfect candidate for this coverage.
The business will only be covered by the policy on claims that are made within that 'retroactive' date, as claims are written in two forms, claims made and claims made and reported. Some policies may offer defense expenses and punitive damages. Business need to check the policy carefully to make sure that they are covered correctly.
Each business is very different, so upon applying for E & O insurance an insurance underwriter will need to go through the business to check of previous claims held again the business and what training procedures, documentation procedures and the companies quality control procedures exist, to be able to create the best suited policy for that business.
Once E & O insurance has been agreed upon, the business needs to keep running at a reputable level, having this insurance does not mean that the business should start doing procedures or performing tasks that could possible lead to a malpractice suit. This insurance is to protect from the unexpected incident or mistake that may arise. - 23211
Errors and omissions insurance may be referred to as E & O or malpractice insurance. It may be referred as this for doctors, dentist or chiropractors. Errors and omissions insurance should be purchased when a business is first started and included in their insurance portfolio.
The bottom line is that if you are a professional, you need to consider errors and omissions insurance. If your clients can suffer from a mistake you made, then you are a perfect candidate for this coverage.
The business will only be covered by the policy on claims that are made within that 'retroactive' date, as claims are written in two forms, claims made and claims made and reported. Some policies may offer defense expenses and punitive damages. Business need to check the policy carefully to make sure that they are covered correctly.
Each business is very different, so upon applying for E & O insurance an insurance underwriter will need to go through the business to check of previous claims held again the business and what training procedures, documentation procedures and the companies quality control procedures exist, to be able to create the best suited policy for that business.
Once E & O insurance has been agreed upon, the business needs to keep running at a reputable level, having this insurance does not mean that the business should start doing procedures or performing tasks that could possible lead to a malpractice suit. This insurance is to protect from the unexpected incident or mistake that may arise. - 23211
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Consider EO insurance if what you do could cause your clients financial harm if you were to make a mistake. Finding the right professional liability insurance company is easy when you compare prices online.
posted by X - Men @ 3:27 AM
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