If you are searching for Houston TX Errors and Omissions Insurance, then calling Texas Insurance Agency is a great place to start. Our team has over two decades of experience helping clients find the right insurance policy for their commercial or personal needs. Moreover, we only work with the most qualified insurance agencies in the industry.
Texas Insurance Agency has a deep commitment to helping businesses and individuals make it through the unexpected. This is why we connect you to the best of the best in the insurance world so that you can feel protected when it matters most. Our team of insurance brokers is one of a kind when it comes to customer service and dedication.
As a business professional, you might find that having a policy like errors and omissions insurance (also called professional liability) could be extraordinarily helpful. Keep reading to find out more about errors and omissions insurance and how it can offer you financial assistance when mistakes happen.
Questions to Ask About Errors & Omissions Insurance:
What Is It?
It is common for mistakes to happen in business. Sometimes those mistakes result in an easy fix. Other times, the consequences are more serious. There are many professionals whose job is to offer advice to their clients. Lawers, doctors, mental health professionals, investors, and consultants all do this.
There are times when mistakes are made, and unintentional harm to the client is done. For instance, if a doctor gives a patient the wrong diagnosis, they could be held liable for that advice. Medical professionals often retain an errors & omissions policy called malpractice insurance. In fact, they are often required to.
If a mistake is made that results in harm to the client, the consequences for you could spell out a lawsuit. Even if the ruling is in your favor, legal fees will be your responsibility. Error and omissions insurance can help protect you from the financial responsibility of court and legal fees by providing coverage.
Who Needs It?
Doctors, lawyers, consultants, investors, and other medical and financial professionals should all retain an errors & omissions policy. This is because your job revolves around offering advice to clients. They pay you for that advice and usually expect it to pan out in their favor.
Most insurance agencies will recommend that other professionals keep errors & omissions or professional liability policy as well. For instance, marketing experts, hair salons, publishing houses, and vet clinics could also benefit from an errors & omissions policy.
What Does It Cover?
Errors and Omissions insurance covers many different areas of advice and information that is given from professional to client. For instance, negligence, misrepresentation, and inaccuracy are all forms of advice that errors and omissions insurance covers.
If the court rules in favor of the plaintiff, errors & omissions insurance typically helps you pay settlement and judgments. These can often range in the thousands to millions of dollars. If yours is a small business, you will be glad for your policy that helps you turn an endless settlement into something more manageable.
In addition, even if you win your case, there will be legal and court fees to pay. Errors and omissions insurance covers these up to a certain amount. To determine what that amount is, consult with your insurance agent.
What Are Some Exclusions?
Errors and omissions insurance is there to protect professionals who make honest mistakes that lead to negative consequences. However, it does not offer coverage for those who intentionally mislead a client.
Here are some other exclusions that this type of insurance policy does not cover:
- Bodily injury or property damage
- Illegal acts and purposeful wrongdoing
- Employee injury or illness
- Discrimination or harassment
For injury or property damage that occurs to a third party due to negligence on your part, you will need general liability coverage. For instance, let’s say you are a contractor that performs services at the homes of your clients. If you unintentionally cause property damage while working, it will be covered under a general liability policy.
Worker’s compensation is the right insurance policy for injury, death, or disability that happens to your employees while on the job. While there is never an excuse for discrimination or harassment of an employee, these actions can be covered by employment practices liability insurance.
How Much Does It Cost?
The cost of your errors & omissions insurance policy will vary depending on your place of business. There are many things you will have to consider before organizing a policy.
For instance, your agent will likely ask you whether your business is high or low risk. Additionally, they will ask you to define your coverage limits, claims history, and location.
If you have had multiple claims, then the insurance company is taking on more risk by covering your business. Therefore, your premiums and deductibles will likely be higher—likewise, your location matters. Big city locales will come at a higher cost, whereas rural locations are fairly cheap.
How Do You Avoid Claims?
Most insurance companies offer incentives to their customers; ways to earn discounts on your policy. The cost of errors and omissions insurance will be lower if you take specific preventative measures to lessen the likelihood of claims.
For instance, if you have training programs that focus on presenting information to clients, you can work to avoid the spread of unintentional but misleading information.
Houston TX Errors and Omissions Insurance
For over two decades, our insurance brokers have been helping Houstonians find the right policy for their personal and professional needs. Ultimately, our mission is to set you up for financial assistance, to be received when the unexpected happens.
For more information about Texas Insurance Agency, visit our website! There, you can also access our blog, location pages and even request a free quote. Contact Texas Insurance Agency for your Houston TX Errors and Omissions Insurance policy!
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- Downtown Houston has a tunnel system that sits beneath the city.
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