If you own a business or professional of any kind, so it is important that you have different types of insurance and its operation, including errors of omission and limits of insurance coverage. You need to have this type of insurance that covers you in case of errors ending with you to see the inside of a courtroom. Without this insurance, you could end up paying much more money if you are sued would have to if you have the right amount of coverage. It is often recommended that you get more coverage you think you really need, in case you end up needing in the future.
What is errors and omissions insurance?
Errors and omissions insurance is coverage that can be obtained separately or added to the commercial general liability insurance. You do not buy this cover if you want to protect yourself or your company’s claims of individual services that have not given or errors that you did. Most of these policies are sold to professional liability and malpractice. This type of insurance that protects businesses and individuals, such as real estate agents, doctors, accountants, lawyers and others. This insurance usually does not cover most of the problems of professional liability, errors or issues with the agreements.
If you do not have this coverage, you could spend a lot of money to cover damage caused by a result of your actions or omissions. In addition, the actual amount of dressing, may also be required to pay all attorneys’ fees, arising from the case.
Where are the limits?
There are many different types of policies that can be obtained, and errors of omission and limits of insurance coverage you have may be different from someone who has other business. This insurance will help cover miscellaneous expenses, if you are sued, including legal fees and other legal expenses. In general, the minimum amount of coverage is about $ 5000, but errors of omission and limitations of insurance coverage can go as high as several million dollars. It all depends on the insurance needs of your business. For example, in the case of malpractice is possible, more coverage is given in increments of $ 100 000. Deductibles can range from $ 1,000 to $ 25,000, depending on what your business can afford.