What Is Errors and Omissions Insurance?
Working as a professional can be both personally and financially rewarding, but this type of work comes with a certain amount of risk. For, professionals are sometimes held financially liable if they make an error while working for clients. Errors and omissions insurance policies help protect professionals working in Vermont from certain liability claims and lawsuits that may follow work-related errors.
Errors and omissions insurance policies are specialized professional liability policies. Like other liability policies, most of these policies help pay legal defense fees and settlements associated with covered claims.
What Vermont Professionals Is E&O Insurance Right For?
Most professionals working in Vermont ought to have some form of professional liability insurance in place, but not all professionals need E&O insurance. Generally speaking, this form of professional liability coverage is primarily intended for professionals who give advice. For instance, this coverage is often used by the following sorts of professionals:
- Investment advisers
- Financial planners
- Insurance agents
- Real estate agents
Professionals in other fields might need a different form of professional liability insurance. For example, doctors typically need medical malpractice policies.