Errors and Omissions Insurance may be purchased in several ways. In many cases, the coverage will be purchased by a business or professional as part of a comprehensive professional liability insurance plan that includes additional types of coverage.
While Errors and Omissions Insurance is extremely important, especially for businesses and professionals in fields where lawsuits related to performance are common, it is only one type of professional liability insurance that is available. A business owner or professional will need to discuss his insurance needs with a trusted agent or broker to ensure that adequate coverage is acquired for all of the client’s professional liability risk exposures, not just Errors and Omissions. Including Errors and Omissions Insurance as part of a comprehensive professional liability plan will avoid overlapping coverage and gaps in coverage and can be tailored to the unique needs of a specific business.
In addition, businesses with numerous employees or independent contractors may find it financially advantageous to obtain a group policy that insures everyone together, for all their varied exposures, as part of a comprehensive plan.
Some companies may also find that because of the business in which they engage federal or local laws require them to have additional types of professional liability coverage.
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