?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.
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