Do Tradespeople Need E&O Insurance?
E&O insurance usually isn’t the only protection that tradespeople need, but it sometimes can play an important role in a more comprehensive insurance portfolio. Specifically, this form of liability protection may protect plumbers, electricians, carpenters, landscapers and other skilled workers when they’re giving advice to clients. Should they offer advice that proves to be wrong and be sued, an E&O policy might cover the lawsuits.
What Kinds of Incidents May Errors and Omissions Policies Cover?
The incidents that a particular errors and omissions policy will cover are governed by that policy’s terms, conditions and exclusions. Broadly speaking, however, these policies offer protection against a wide range of incidents. A few examples of incidents that an appropriately designed policy might cover include:
- A real estate agent failed to give their client the proper zoning details regarding a property, and their client is unable to use the property as they desired
- A paralegal failed to file paperwork on time, and the client’s case was lost as a result
- A stockbroker failed to process a trade for their client in a timely manner, which led to the portfolio losing value
- A certified public accountant misread a number while processing tax forms, and their client was assessed penalties later on because of the mistake
- A landscaper recommended the wrong treatment product, and their client’s plants were killed when the product was applied
How Much Do Errors and Omissions Policies Cost?
Landlord policies’ premiums are based on many different factors and differ from one policy to the next. A professional’s field, specific scope of work, location, chosen coverages and limits, and other items can all influence how much coverage costs.
In most cases, though, coverage is affordable despite the variance among policies’ premiums. Having coverage is nearly certainly more affordable than being sued over a covered mistake without sufficient protection in place.
How Can Professionals in Massachusetts Get Errors and Omissions Insurance?
For help finding errors and omissions insurance, contact the independent insurance agents at Dempsey Insurance. Our agents have helped many professionals in Massachusetts acquire coverage that’s appropriate for their situation, and we can help you find the protection you need as well. Since our agents are independent, they’re able to help you find the best available policy option regardless of what insurer is offering it.
