The right insurance policy can help you in many ways. Professional insurance policies make it possible to focus on your job instead of on daily exposure to risk. If a claim is made against you, then yourerror omission insurancepolicy will give you the means to deal with that claim. Many contracts require the contractors to have a specific sort of insurance coverage. Clearly, insurance policies help you do more but only so long as you have the right type of policy.
Do professionals need special insurance?
The many insurance policies available are intended to effectively address specific forms of risk. Since professionals are exposed to the risk of errors and omissions, it is in their best interest to have error omission insurance coverage. Consider these facts:
- An error and omission policy covers you or your company if a client makes a claim that you have failed to provide a promised service or if the provided service did not have the promised results.
- Some of these policies can protect you against claims made regarding past services so long as the claim is made during the active life of your policy.
- Your error omission insurance policy can cover defense costs, settlements, and judgments.
If you regularly provide advice to clients, provide any type of professional service, or if you are required to carry some form of professional insurance, then you will likely need to purchase an error and omission policy. This type of policy is suited to the work you do and will help you accomplish more.