Errors & Omissions
Errors & Omissions Insurance, also known as Professional Liability Insurance, is a type of insurance that provides protection for businesses and professionals against claims of negligence, mistakes, or omissions in their professional services or advice. It can cover the costs of legal defense, settlements, and damages.
Errors & Omissions Insurance is essential for businesses and professionals who provide advice or services to clients. This includes consultants, contractors, real estate agents, lawyers, accountants, and more. Any business that could be sued for professional negligence should consider this coverage.
Without Errors & Omissions Insurance, a professional or business could be exposed to significant financial risk if a client files a lawsuit for negligence or mistakes. The cost of legal fees, settlements, and damages can be devastating. Having this insurance in place can provide financial protection and peace of mind.
Errors & Omissions Insurance typically covers claims of professional negligence, mistakes, or omissions. It can help cover legal defense costs, settlements, and damages awarded to the plaintiff. The policy can be customized to fit the specific needs of the business or professional.
Errors & Omissions Insurance generally does not cover intentional wrongdoing, criminal acts, or bodily injury or property damage. Other exclusions may apply depending on the policy and insurer.
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The cost of Errors & Omissions Insurance depends on various factors, including the type of business, the industry, the level of risk, the coverage amount, and more. Generally, the cost of the policy increases with the level of risk. It is important to get a customized quote based on your specific needs.
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