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Making Sense of Professional Insurance Needs

[caption id="attachment_109" align="alignleft" width="300"]error and omissions insurance error and omissions insurance[/caption] Professional service providers in all industries are responsible for supplying their clients with inimitable services. Architects, doctors, lawyers, consultants, dentists, accountants, contractors, and other providers all have special insurance products tailored to meet the particular demands of their industry. While industry-specific terms may be applied to these policies, they are all types of error and omissions insurance policies. Protection for Professional Service Providers Errors and omissions insurance policies are specifically tailored to help people and companies who provide professional advice and services from absorbing the full cost of defending themselves against a claim of negligence or malpractice; such a policy can also help pay for any damages awarded in a civil suit. This is a very useful policy to have and is required in many places. The term that is used to refer to errors and omissions coverage may vary depending on the industry.
  • Malpractice insurance: Errors and omissions coverage for medical providers, including chiropractors and dentists.
  • Professional liability insurance (or professional indemnity insurance): Error and omissions insurancemeant for accountants, contractors, builders, transport, and financial service providers.
Is There a Difference? Though all error and omissions policies will address essentially the same need, there are likely to be slight differences. These differences reflect the particular needs faced by different service providers. A tailored approach is often necessary to fully meet the needs of today’s professionals. Working with an insurance provider that really understands what professionals need will ensure that you get the insurance coverage that you require.

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