Errors and omissions insurance, sometimes called E&O, is meant to cover professionals in cases where they accidentally make a mistake on their client’s work. Having this coverage can help them in the event they are sued. Learn more about the importance of having coverage, and what the errors and omissions claim process looks like.
Situations That Can Benefit From E&O
There are a variety of circumstances that E&O insurance can help with. According to https://www.transparityinsurance.com/, this could be anything from a breach of duty to misrepresenting a client. Although many times these are honest mistakes, the consequences can be serious if you don’t have the right insurance in place.
Different Positions Can Make Use of E&O
Errors and omissions insurance can be helpful for professionals in a variety of different settings. Those who work in finance, accounting and legal are just a few fields where having E&O insurance can allow individuals in these professions to continue on with their work without worrying about what to do if an accident occurs. In many cases, the insurance can help with the claims process so payment out of pocket is not necessary.
The errors and omissions claims process is just one area that having insurance can help in. It can assist professionals in many different backgrounds, allowing them to focus on their work.