Clients who are exposed to the risk of errors and omissions in the course of their professional life are often aware of the need for error omission insurance though why this particular form of coverage is valuable can be difficult to understand.
Protection required by employers and others
Professional liability coverage is required by many employers, including the regulatory agencies that oversee many of the fields serviced by error omission insurance policies. This is perhaps especially true of financial organizations that are subject to complex regulations. Carrying this insurance policy is a good way to show potential employers that you are serious about the job you do.
Protection during essential tasks
As a professional, you have a number of essential tasks that you are likely to engage in on any given day:
- Dentists, doctors, and other care providers interact with patients, run tests, and issue diagnoses
- Lawyers and attorneys represent their clients’ interests in court
- Consultants and advisors provide necessary information to clients in diverse fields
- Architects and engineers provide practical solutions to complex technical problems
While each of these professionals strives to do their best, clients are sometimes dissatisfied or feel that an error or omission has resulted in a loss. These claims can take you away from your job and prevent you from doing more important work. Make sure that you have an insurance policy that protects the hard work you do.