When you find yourself searching for a Cinco Ranch TX Errors and Omissions Insurance policy, contact Texas Insurance Agency. Our insurance brokers have two decades of experience providing clients with the right insurance policy. Moreover, we only connect you with the best of the best in the insurance business.

Texas Insurance Agency strives to help each client find the right policy for their personal or professional needs. This why we partner you with only the most reliable and reputable insurance companies in the industry. We want you to have full protection when the unexpected happens.

Our team of insurance brokers is one of a kind when it comes to providing you with the best customer service and dedication to professionalism. If you are a business professional that provides consulting service, keep reading this article. In it, you will find important information about Cinco Ranch TX Errors and Omissions Insurance.

Cinco Ranch TX Errors and Omissions Insurance

Questions to Ask About Errors & Omissions Insurance:

What Is It?

Errors & omissions insurance is also commonly referred to as professional liability. This type of insurance covers unintentional mistakes that you make in the course of your work. When these mistakes result in a claim against your company, errors and omissions insurance will help you manage the financial consequences.

Lawyers, doctors, investors, consultants, and mental health professionals are all examples of occupations where errors and omissions insurance might be needed. Many employers in the medical field will require malpractice insurance, which is essentially errors and omissions.

It is very common for professionals to make mistakes in business. At times, those mistakes will result in serious consequences that have an unintended negative effect on a client. In some cases, those consequences will be severe.

For instance, if a trusted physician gives their patient the wrong diagnosis, and that results in the injury or death of the patient, they could face a lawsuit. For this reason, most medical professionals will purchase and keep a malpractice insurance policy. If your client files a lawsuit against you, errors & omissions insurance will help you pay the cost of court and attorney fees.

Who Needs It?

Lawyers, doctors, consultants, and investors should all retain an errors and omissions insurance policy. It is a great idea for anyone who works in the medical or financial fields or for those who offer consultation services as part of their work. Other professionals like marketing experts, hairdressers, publishers, and veterinarians should also consider keeping this type of policy.

When you offer advice or consultation to a client, they usually expect it to pan out in their favor; they expect you to be right. However, advice is vulnerable to the errors of human calculation. An errors and omissions policy keeps you protected from financial settlements and fees associated with a lawsuit.

What Does It Cover?

Errors and omissions insurance will cover an assortment of advice and information that is passed from professional to client. Negligence, misrepresentation, and inaccuracy are all types of advice that errors and omissions coverage includes.

Even if the courts rule in favor of the plaintiff, an errors and omissions policy will still help you pay the settlement. Settlements between clients and companies often range in the hundreds of thousands or millions of dollars. Having to pay that out of pocket can easily put a business under.

In addition to the settlement, your E&O policy will cover court and legal fees associated with the lawsuit. Although you might have to pay some out of pocket, errors and omissions insurance will often cover the majority of these fees. To pinpoint what that amount is, consult with your insurance agent.

We can provide you with the right price for Cinco Ranch TX Errors and Omissions Insurance.

What Are Some Exclusions?

Most of the time, professionals make honest mistakes. However, there are instances when intentional harm is done through the passing of false information. When purposeful deception is driving your advice, errors and omissions will not cover you in the event of a lawsuit.

Other common exclusions to errors and omissions policies include:

Bodily injury or property damage
Illegal acts and purposeful wrongdoing
Employee injury or illness
Discrimination or harassment

If injuries or property damage occurs to a third party as a result of negligence on the part of your business, you will need a general liability policy. Let’s say you are a roofer and have been dropping nails onto the ground. If a third party steps on one of these nails and becomes injured, you are liable for the medical expenses.

However, general liability insurance does not cover employee injury, death, or disability on the job. Instead, worker’s compensation insurance is the right policy for that type of claim.

How Much Does It Cost?

Your error and omissions policy cost will vary depending on the type of business you are purchasing coverage for. If your company’s work is high-risk, the deductibles and premiums will likely be higher. Other factors that determine the cost include coverage limits, claims history, and location.

If you have had multiple claims in the past, then the insurance company will be taking on more risk in offering you coverage. As a result, you should expect to pay more in premiums and deductibles. Speak with your insurance agent to see what the cost would be for your policy, and don’t forget to ask about discounts and incentives!

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