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Since 1989, US Insurance Online has streamlined the process of finding coverage for over 20 million people. They have the largest network online of national carriers and local agents, which saves you a considerable amount of time when it comes to getting the right small business policy. By having commercial indemnity companies compete for your business, you are getting the best errors and omissions policy rates available, just by using a single easy to use, secure online application form.
Errors and Omissions Insurance Coverage
Errors and omissions coverage (Wikipedia definition) is a form of business liability coverage for professionals such as architects, real estate agents, accountants, lawyers, and surveyors. Also known as E & O insurance, or professional liability insurance, it covers professionals in the event they make a mistake that results in financial harm to a third party.
While not every business, or professional, requires this type of specialized liability policy, it is a very good idea for anybody who offers a service to a client, or provides professional advice. This coverage is in addition to a basic general liability policy, which deals with physical harm done to a third party, or their property. While a basic policy should be considered mandatory coverage for any sized company, it does not provide the specialized protection many professionals need, thus the requirement for additional coverage.
E&O Insurance is For Companies Offering Services Or Providing Advice
Any person or company that offers a service, or provides advice, where a mistake can be made that results in financial harm to another, needs E and O insurance. This type of policy is used to protect a professional from lawsuits that arise from mistakes they make in the normal course of offering services to clients. The possibility of making a mistake, error, or omission, is ever present when a professional is offering specific services for which they are being paid.
Following are just a few situations where this type of specialized policy may be necessary:
- E&O insurance for insurance agents – Insurance agents are in a unique position in that they have to recommend the right coverage types for all sorts of different professional and business situations. Due to the almost infinite number of unique situations, it is foreseeable that an agent might recommend the wrong type of coverage, or policy limits. Errors and omissions insurance for insurance agents provides protection in the situations where an agent or broker gives bad advice that later on causes financial harm to their clients.
- Real estate errors and omissions insurance – Real estate transactions can be complex in nature, and can involve large sums of money. There will be times when either the seller or buyer becomes displeased with the transaction and may seek compensation from those that helped them through the process – the real estate agents or brokers. When it comes to E & O insurance, real estate agents should consider this mandatory coverage to protect themselves when they are involved in a transaction that later goes south.
- Appraiser E&O insurance – Appraisers are responsible for determining the value of many things, ranging from homes, to precious stones, to works of art. Much is riding on these values, including the price an item can sell for and the amount of insurance that should be purchased. Appraisers can make mistakes in judging the value of something, and need E & O insurance to protect them should they be found liable for monetary damages arising from the advice they give.
- Professional errors and omissions insurance – There are a variety of other professionals that need this coverage, including architects, software designers, accountants, and lawyers. Basically, any professional who is dispensing advice or a service which has the potential to cause their clients financial harm really needs this specialized liability policy.
While a company may have a general liability policy in place, it most likely specifically excludes coverage for errors and omissions. Therefore, if a company or professional is in the business of offering professional advice, or a service where a mistake on their part can lead to financial damages to their client, it is mandatory for an additional errors and omissions liability insurance policy to be purchased. In these situations, it is better to have the additional coverage than run the risk of being found liable for damages and be in a situation where a basic liability policy doesn’t offer coverage, yet the right plan is not in place.
Errors and Omissions Insurance Quotes With the Best Rates
Errors & omissions insurance is something that any company that is providing a service in which an error can cause financial harm to another party needs. It is a requirement that many clients demand before they sign a contract and it is prudent to have if you offer professional services. Professionals in the business of offering advice really cannot afford to be without this type of commercial coverage, and would be foolish to not carry it.
Get the best rates for errors and omissions insurance coverage in one convenient place when you use US Insurance Online. Receive multiple quotes from national indemnity carriers by just filing out one easy, secure online form via US Insurance Online’s website. The ability to request quotes online has greatly reduced the amount of effort required to get the commercial coverage a specific company, or professional, needs. You will easily find the best rates this way, and you are never under any obligation to actually purchase coverage.
Make sure you are covered for mistakes that may result in financial harm to another party by getting FREE, no-obligation errors and omissions insurance quotes today from US Insurance Online.
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