Getting the Lowdown on EO Insurance

As a provider of professional services, your clients expect you to have adequate coverage for errors and omissions, or E&O. This type of coverage, also known as professional liability insurance helps protect a company from claims and lawsuits based on work product or deliverables. For example, an engineering firm would have E&O insurance to protect them from lawsuits based on a design flaw in a product they sold. Whether the flaw was due to wrong information, missing details or poor judgment, it resulted in damages for a client, resulting in a claim.

What Are Some Common Reasons for E&O Insurance Claims?

Lacking sufficient professional liability insurance threatens your business in the event of a claim. These are some of the most common causes of E&O claims:

  • Poor communication and documentation
  • Misrepresentation of qualifications
  • Insufficient coverage limits
  • Failure to fulfill contractual obligations

An errors and omissions lawsuit can arise from more than just a mistake in a deliverable. Even if you have an existing policy, it’s your responsible to make sure that it’s adequate for the contracts you secure and the risk associated with delivering to your clientele.

What Else Should I Consider?

Other environmental enterprise considerations clarify the need for E&O insurance. Evolving technologies, emerging markets and the use of global collaborative teams present risks to companies’ deliverables. Find an insurer that can put together insurance products that fully address your needs.

Understanding the Ins and Outs of Planned Unit Development Coverages

Investing in multifamily properties can be a great way to see a decent profit on your future. Planned units are a popular option these days and finding the perfect luxury community to invest in can help you reach new levels with your endeavors as an entrepreneur. Of course, this journey is not without many obstacles. With this type of arrangement, the units are owned by both the renters and the individual who owns the community. The property managers, however, are responsible for taking out a comprehensive insurance package that covers the residents and their needs.

Who Insures What?

An interesting point to understand about planned unit development coverages is that some costs are covered by the residents themselves. Typically, these packages will take care of individual insurance needs and coverage for the unit. As the property manager, you’ll need to focus more on the paperwork and other administrative errors that can occur. E&O insurance helps to protect you when important info is omitted from an official document. This type of protection will also protect the business owner from any allegations of negligence. Additional points to keep in mind when exploring your insurance options include:

Protect Your Investments

While purchasing real estate can be an amazing way to take advantage of exciting financial opportunities for your future, you need to make sure you are taking the time to go about the process in the right way. Look over your options and discover comprehensive protection.