With the help of E & O (Error and Omission) insurance businesses can have complete protection against financial losses that arise out of negligence on part of their employees. All companies must have this type of policy in place. No business wants to cause financial losses to their clients, but accidentally there are times when such a thing can happen. For such inevitable oversights it is important for the business owner to have the right kind of insurance already in place.
Even established businesses sometimes make a professional mistake. This is what keeps the legal firms in business. Some specific industries are more prone to lawsuits that come under error and omission category. Like real estate professionals who sometimes make a mistake in carrying out the appraisal of the office or retail space.
Before offering the services it is important for businesses to have proper assessment of the level of risks faced by them. Accountants, lawyers and doctors are the likely people who are going to face lawsuits for negligence. Maintenance providers and real estate companies are also prone to such lawsuits. All these businesses need to have the protection of E & O insurance.
Medical professionals also need E & O insurance along with the malpractice insurance. If there is an oversight on their part when treating a patient that results in further complications or injuries then it is going to lead to an expensive lawsuit. Accountants who pass an audit without verifying the specifications may be sued for their mistake.
In this range of businesses there are also real estate companies that must have E & O insurance to remain protected and provide services to the clients without worrying about legal expenses.