YOU ASK:

Who is errors and omissions liability insurance for?

WE ANSWER:

There are professional occupations, which are especially exposed to the danger of bringing about third party losses on a large scale because of their professional errors and omissions. These professional risk groups run double - and even triple - the risk of being sued for professional malpractice, compared to other occupations.

Why Buy Errors and Omissions Liability Insurance

Any professional whose failure to perform their occupational duties properly results in a third-party injury or property damage, can be sued by the injured party. A professional liability claim can have a devastating financial impact on a professional, and can put an end to their career.

Errors and omissions liability insurance is specifically designed to provide financial protection against catastrophic professional liability lawsuits.

Professionals Most Exposed to Errors and Omissions Liability

Occupations, such as healthcare professionals, lawyers, architects, brokers, insurance agents, realtors, engineers, attorneys, consultants, whose major focus is working with people or providing services to others, run a considerable risk of being sued for professional negligence resulting in errors and omissions.

An architect or a civil engineer may be held liable for the faulty design of a building that has collapsed. A surgeon may be sued for medical malpractice, which has caused a patient a lot of pain and suffering. A financial analyst can omit important information when handling a company's papers. All the above examples come to show how serious the consequences of professional errors and omissions can be.

Who is Covered Under Errors and Omissions Liability Insurance

Although they are subject to professional liability, healthcare professionals can purchase a medical professional liability policy that is specifically designed to protect them against medical malpractice liability claims.

Errors and omissions liability insurance is for professionals whose occupations presuppose that they exercise a legal duty of care and insure the safety of others. Engineers and architects fall into this category. Professionals, such as financial advisers, insurance brokers and real estate agents, whose primary occupation involves providing advice and counseling to other people can also consider purchasing errors and omissions liability insurance.

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