Are you looking for Houston TX e and o insurance? Well, you’re in good hands. Texas Insurance Agency handles your insurance needs. We offer competitive rates and prices; the company acts as a broker for your insurance. That means we connect with the right insurance company for you. That also means we have you in mind, not the big companies. Aside from rates, we offer excellent advice on what you need. We go out of our way to help you. Our team has many years of experience that can help. It can start with a free quote on our website. Just fill out the form online.
Houston TX e and o insurance
At Texas Insurance Agency, you can rely on us to help you. We help business owners all the time. We also work with other insurance agents. In the long run, we can help with defense costs. That would come with the right coverage you have. We make sure the best insurance protects your business. For us, it’s not the partnerships we make with other companies. It’s about helping you: the client.
What are E and O?
E and O stand for errors and omissions insurance; this concerns your professional services. Furthermore, you can call this professional liability insurance. Like with other forms of insurance, this insurance protects you against any legal fees as a result of lawsuits.
In addition, this insurance protects you from any negligence claims, error in services, omissions, misrepresentation, violations in faith dealing, or bad advice. So, if someone sues you for a mistake in your professional service, this insurance will cover your legal expenses.
The legal expenses can be a lot. Furthermore, it can include getting a courtroom or witnesses. Aside from that, this insurance covers any administrative cost. That could be for court reporters or office managers. And also, in the end, it can help with settlements and judgments. That can be anywhere from a couple of thousand dollars to maybe millions of dollars.
However, E and O insurance only covers claims if you file them within the policy period or extended reporting period. It also can cover incidents if they happen on or after your retroactive date. In hindsight, the retroactive date means the date on or after a certain day in the policy. That’s where your coverage starts from. In addition, your extended reporting period can cover claims after the policy expires.
Why E and O is important
If you don’t have E and O insurance, your cost for any liability can be high. It can even bring your business or company to bankruptcy. Also, even if your claimant drops their claim, the legal fees can still be huge. The legal fees would be thousands of dollars. This can be bad if you’re found at fault, or you want to settle the claim. You will have to pay out of your pocket if you don’t have insurance. That is why you need your Houston TX e and o insurance.
Who Needs E and O?
For once, real estate agents need E and O insurance. Any claim can be made against the property they sell. They may have to pay if any flaw is on the property. In addition, there are other people who need E and O insurance in different places.
Those people would be accountants, engineers, advertisers, educators, or marketers. Also, in that category would be website developers, consultants, barbers, and hair salon workers. In addition, you can think of print and publishing companies. Or it could be veterinarians or pet groomers.
What E and O Does Not Cover
E and O insurance do not cover any incident before the retroactive date. Also, it doesn’t help with incidents that happen after the policy period.
There are certain things that E and O insurance does not cover. It does not cover any illegal acts. That can be a criminal activity or any deception. This insurance also does not cover bodily injury or any property damage. You will need to get a separate liability insurance plan for that.
Any employee injuries or illness that come from the job is not under E and O insurance. In that case, you will need workmen’s compensation for your company. That plan covers any issues with employees in that respect. Just keep in mind, though, that workmen’s compensation is a requirement in most states. On the other hand, discrimination or harassment is not under E and O insurance. You will need to get employment practices liability insurance for that.
Cost of E and O
If you want to keep the price down for E and O, you will have to do certain things. These could include making sure your employees have proper training and doing customer satisfaction checks ever so often. You can also check for quality control. This can save money on your Houston TX e and o insurance.
Your cost for E and O insurance has several factors. It can be your risk as a business. You may pay more if you’re a large company. And also, it can come down to your coverage limits. The higher your limits, the more you have to pay. Furthermore, you have to consider your prior claim history for your business. And on a final note, your location is also important.
For real estate agents, E and O insurance is vital. For your real estate firm, it protects you, your agents, brokers, appraisers, and other professionals. As an aside, four main areas for most claims in real estate are appraisals, property management, mortgage brokering, and agent properties.
Get an appointment!
For all your e&o coverage needs, we can help. Just make an appointment when you’re ready. Our business hours are 8 in the morning to 5 in the afternoon from Monday to Friday. For the weekends, you will have to schedule an appointment. Here at Texas Insurance Agency, we make sure your voice is heard. Though we have many clients, our focus is always on everybody we serve. For your Houston TX e and o insurance, you’ve come to the right place.
Fun Facts about Houston, TX
- Houston is where over 2 million people live.
- The Houston Museum of Fine Arts is the biggest in the state.
- Houston became a city in 1836.
- The founders of Houston were Augustus Chapman Allen and John Kirby Allen.
- If you want to learn more about Houston, visit the city website.