Insurance is the risk management against certain contingencies. Error insurance policy is exclusively designed for professionals who may be sued by their clients for faulty performances. This type of insurance is becoming an important tool for professionals like architects, lawyers, doctors, real estate agents and brokers to safeguard their interests as they may become easy targets for their clients Error Omission Insurances.
To save the interests of the doctors medical malpractice insurance comes handy, which insures the professional from the risk of loss of malpractice suit. A lawsuit filed against a doctor does not only damage his finances but also affects his self esteem, morale, reputation and business relationships. Medical malpractice insurance is a great way to save him from the monetary loss of the lawsuit. The medical malpractice insurance should clearly mention the scope of coverage of malpractice and time limit of the policy Error Omission Insurances.
Apart from medical malpractice insurance, other occupations which may need error insurance policy are engineers, dentist, accountants, architects etc.Lawyers also need this type of policy. This kind of policy provides invulnerability to every profession except politics.
It is still ambiguous that whether political occupation should be covered under error & omission policy as the financial risk in case of lawsuit will not fall directly on the politician but on the state or county which he is representing.
It is a general notion that politics is governed with half truths and larger-than-life statements so the insurance policy will always be a loser in this kind of insurance policy. That is why all the insurance companies are keeping themselves at bay for this insurance policy for politicians.