Insurance must be an integral part of any business, and in the life of contractors and professionals. Mistakes and damages are a real risk, and when it does occur, the dilemma always starts with the question, “who is going to pay?” E & O, or Errors and Omissions Insurance, provides the necessary coverage from monetary damages both for professionals or companies and their clients.
Here are 2 important facts you need to know about E&O Insurance Coverage:
1. E& O insurance is necessary protection for many professionals. Mortgage agents, contractors, real estate agents, lawyers, and even insurance agents need E&O Insurance to protect their enterprise. The common thread among these professionals is that they give out significant advice to their clients, upon which monetary decisions are made. Their expertise is the primary capital of their respective enterprise. Once the advice proves to be wrong however, clients may go after them for damages, and for this purpose, E&O insurance provides a safety net for such a problematic fall.
2. Customized plans work best for E&O insurance coverage. Every professional has a different need, and it’s actually possible to customize and choose insurance features, as well as highlight certain provisions. For example, if you’re a contractor, you’d need to highlight property damage; and if you’re a mortgage officer, you might need to highlight title insurance coverage.
No one wants things to go awry, but being prepared for damages is a responsible way to operate a business or an enterprise. E&O Insurance is basic coverage that every professional must not miss to have.