Like many types of insurance, error omission insurance can cover a wide variety of people in a variety of businesses. The policies may differ depending on what line of work a person is in, and therefore there are a few different types of E & O insurance to look into, depending on the work it is covering.
Most error omission insurance is generally needed by those in some sort of consulting profession. This can include lawyers and brokers, as well as consultants. Insurance agents can be included in this category as well. Because each of these professions differ somewhat, the policies will also differ. Insurance carriers of E & O insurance can usually help a person to tailor a policy to fit his or her profession. One thing that most E & O insurance policies have in common is that they help with the cost of a defense should a lawsuit arise concerning a mistake which caused some sort of monetary loss or harm to a client. The differences lie in the profession being brought to court, and therefore what coverage is there.
Since error omission insurance policies can be different depending on the profession, it is recommended that a person review his or her E & O policy very closely, probably with an insurance agent. Types of E & O insurance can be dependent on if you are a lawyer, insurance agent, or some other sort of consultant. Look into your policy today.