• Paralegals
• Investment advisers
• General liability
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.
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:
Professionals in other fields might need a different form of professional liability insurance. For example, doctors typically need medical malpractice policies.
E&O insurance often offers many protections that help professionals who work in trades, such as plumbers, electricians and general contractors. Whether an E&O policy or some other policy is best for tradespeople depends on their specific situation, however.
An insurance agent who specializes in E&O insurance can help tradespeople evaluate their particular situation and determine whether this form of insurance meets their needs.
Because E&O policies are used to protect professionals in many different fields, the exact incidents that these policies cover can vary quite a lot. Depending on a particular policy’s terms and conditions, it might cover incidents like the following scenarios:
An agent can explain what sorts of incidents a specific E&O policy would probably cover.
Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.
Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!
Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.
Whether an E&O policy covers pro-bono work that’s done for charities depends on the policy’s terms and conditions. Professionals who want to make sure they’re covered for charitable work should talk to an experienced agent who can help find a policy that offers the desired protections.
Insurance companies consider many different factors when setting rates for E&O policies, so prices frequently vary. A professional’s line of work, location, selected coverages and other factors can all influence price.
Even with variance between premiums, however, E&O policies tend to be affordable. They’re almost certainly more affordable than facing a major claim without any coverage in place.
For assistance with selecting an errors and omissions insurance policy, contact the independent Vermont insurance agents at Paige & Campbell Insurance. Our team has helped many professionals find the coverage they need, and we’re here to assist you as well. As independent agents, our team members can recommend the best policy options no matter what company offers them.
Barre
P.O. Box 469
297 North Main Street
Barre, VT 05641
(802) 476-6631
Bradford
P.O. Box 392
25 North Main Street
Bradford, VT
(802) 222-5222
Waitsfield
5197 Main Street, Suite 3
Waitsfield, VT 05673
(802) 496-3118
This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!