What Makes it Important

It is unrealistic to think that you will go through a lifetime of business practice without one client alleging a claim against you. There is always a possibility that you will make a mistake, or at least that someone will claim you have. If this happens and you are not adequately covered, you can be hit with a fortune of court costs and profit loss, even if the claim is eventually proven to be groundless. Individuals and small businesses can even go bankrupt in these cases.

When Is It Necessary

No one would consider it wise to wait until after a car wreck to buy automobile insurance, or after a trip to the emergency room to obtain health insurance. Using this same principle, do not wait until you have a claim filed against you to think about E & O insurance. Each time you interact with a client you place yourself at risk, so do not go without it.

What to Look For

Remember that E & O claims are not covered under general liability, and often require specialized or expert information in order to effectively defend against a claim. Make sure that the company you purchase from has expertise in both the fields of E & O and health insurance. Also, there are multiple ways in which it is offered, so make sure you know the specifics of your policy. Some policies, for instance, will only cover claims that initially occurred during the effective period of the policy, regardless of when the claim is made.

Errors and omissions insurance for health insurance agents is extremely important. Having this protection can provide substantial protection from huge financial hardship or destruction and should always be considered.

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