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Errors and omissions insurance, commonly known as professional liability insurance, is a type of liability insurance that protects professionals from negligence claims. During a transaction, clients may file a claim against a company, stating that the work was inadequate or negligent. With this particular type of insurance, professionals are able to defend against the case of a client filing claims against your service, claiming that it did not match the expected results.
Generally, errors and omissions insurance are procured by professionals that provide a service for their clients, such as dentists, lawyers, and accountants. Additional professionals that benefit from errors and omissions insurance include: consultants, brokers, agents, appraisers and service providers. If you or your company provides a valuable service, you may want to consider errors and omissions insurance for legal protection.
Throughout the course of a professional’s career, he or she is bound to make a few mistakes. However, your clients may not be as forgiving. Errors and omissions insurance protects the professional from the taking the financial risks that arise from lawsuits. Lawsuits can arise from the most unlikely of experiences and situations; therefore, it is best to protect yourself as much as possible.
Another reason why a professional will consider errors and omissions insurance is to protect their reputation. Lawsuits not only threaten the financial stability of the practice; it also poses a threat through allegations and potentially false claims. In today’s society, many individuals are extremely prone to filing a lawsuit, even on a frivolous claim. A lawsuit can present an enormous financial cost to the professional, and also harm their reputation. With errors and omissions insurance, the professional can reduce the financial impact and loss of status caused by a lawsuit.
In general, the cost of errors and omissions insurance will vary on a case by case basis. The following are various components that will have an effect on the cost:
Type of Service:
The type of service offered by the professional will have a significant role on the cost of insurance. For example, the insurance requirements for an architect will be vastly different from that of a doctor. Given that the insurance policy must be customized according to the type of exposures in relation to the profession, all errors and omissions insurance cases will be handled differently.
Each state has its own particular law when it comes to errors and omissions insurance. Generally, insurance rates vary according to the state, with some at a lower cost than others. When considering E&O insurance, make sure that you carefully understand the law as specified by the state.
The insurance provider will also consider the number of claims filed against you or your agency. They will look into whether your company possesses experience in handling claims, and the reasons why claims were filed in the first place. Generally, the more claims filed, the higher the cost of insurance.
In today’s society, angered individuals are likely to file a lawsuit against the most unlikely of situations. Service professionals and providers must always live with the idea that a client can file a claim against them, due the “poor service” or “negligent claims”. These lawsuits can pose an enormous financial threat to the service, costing upwards of hundreds of thousands of dollars.
In order to protect themselves, professionals have the choice of purchasing errors and omissions insurance. When negotiating an insurance policy, it is important to consider the various factors that will play a role in the costs. These factors include the state, type of service, and the number of claims filed against the company. Though the costs may be high, errors and commissions insurance is well worth the risk of financial instability and loss of reputation, caused by a frivolous lawsuit. To find out more about the costs of errors and omissions insurance, check out the links on the left, provided by Business.com.
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