Errors and omission insurance is a great option for individuals and businesses that need coverage in the event a client may sue for service that was provided, or failed to be provided. Most errors and omission plans cover judgments, defense costs and even settlement costs, saving the individual or business from potential financial collapse. While this type of insurance is definitely beneficial to many professionals in various industries, there are several fields of work, such as errors and omissions for lawyers that should absolutely consider it.
Lawyers are repeatedly being sued by disgruntled clients or others who feel service was not adequately provided. Its the name of the game in this industry, but lawyers need to protect themselves and their business by investing in a secure errors and omissions policy.
Doctors are at a high-risk for being sued for services provided, especially from patients who didnt see the results they hoped for. People involved in the medical field, almost more so than any other industry, need to seek out a solid errors and omissions policy to remain financially secure and continue practicing medicine.
No matter how meticulous accountants are, sometimes things just fall through the cracks. This can lead to financial devastation for businesses and corporations, which is why it is so imperative for accountants to have errors and omissions insurance.
All human beings make mistakes, and that is the primary reason to invest in a valuable errors and omissions for lawyers, doctors and accountants policy. Speak with a licensed insurance agent today to determine the best options for your industry.