Errors and omissions insurance is an important component of many different coverage plans, but many professionals aren’t sure whether or not they need it. Here are some of the industries that could benefit from a good professional liability plan–if your business is in one of them, consider getting an errors and omissions insurance quote.
One of the most important fields to have insurance in is real estate. In many cases, handling these transactions involves juggling lots of minor details that make a big difference, and the potential for accidental omissions is high. Agents and brokers have been sued before for forgetting things as minor as which school district a home is located in or whether there have been termite problems in the past.
Another field where insurance is critical is the financial sector. Bankers, accountants, and auditors should all be covered so that if somebody believes they have not performed their jobs correctly, they can be protected. When dealing with money, people are more likely to become upset and more likely to sue, which puts financial professionals at risk.
There are many other professions and areas which need this type of coverage, including contracting, healthcare, design and architecture, information technology, law, and appraisal. If you work in one of these areas, it’s probably a good idea to get an errors and omissions insurance quote so that you can protect yourself and your livelihood.