There is a time in everyone’s lives where they can say that they made a mistake professionally. There are times when that mistake costs more than others and can have very negative consequences. There are many professions that need to have error and omissions insurance in place to protect themselves in case of a mistake they make. Here are a few examples of the professions that may require this type of insurance.
If you are a builder, architect, lawyer or your work requires a lot of money being passed around then you should have error and omissions insurance. You aren’t exempt from making mistakes in your professional life and you should be protected from those mistakes. When an architect draws out the wrong measurement and it ends up getting built they may have to pay for that mistake. Their insurance should cover all the costs that can arise from that mistake. If they had not gotten the proper insurance they could probably be facing a large lawsuit from it. If you are a doctor and a mistake happens you could be held liable for the expenses. If you have the right insurance in place you won’t have to pay for that mistake out of pocket.
You should protect from your mistakes with error and omissions insurance. You won’t have to constantly worry about liability once you protect yourself.