What Is E & O Insurance?
Errors & Omissions insurance is a insurance coverage separate from general liability insurance that can be picked up for professionals who give advice.
Errors and Omissions insurance also known as E&O insurance also can be referred to as professional insurance or professional liability insurance.
Professional Liability Insurance Also Known As E & O Insurance
Errors and Omissions insurance can be used by consultants who charge a fee for giving advice. This would be advice that the person thought they were giving to be really good but then results in something bad happening and the person who received the advice ends up losing a lot of money from it.
When Is It Good To Pick Up E & O Insurance?
It all depends on if it is required by the people that you do business with in order to do business with them or if you think you need professional E&O insurance.
Here are some questions to keep in mind and ask while wondering if E&O insurance is for you:
–Do you have a high income? High income earners may need extra insurances to protect them from the unknown.
–Do you give advice for a living? If you give professional advice where you charge people for the advice, your business may need E&O insurances.
–Do you charge for advice or consultations? If you charge money for your advice or consultation you may need professional e&o insurance.
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