Why do I need Professional Liability or Errors & Omissions insurance?

It could happen. You might make a mistake, or the desired outcome for a project or service might not be what the customer expected. You might need errors and omissions insurance coverage if customers sue and holds you or your company responsible for services you provided that didn’t have the results you promised or expected.

By Any Other Name, Still The Same

Errors and omissions insurance might have different names depending on the industry. For doctors, dentists and those in medical fields, it is malpractice insurance. For lawyers and accountants, it’s professional liability insurance. Under any name, it covers you for errors you make or mistakes the customer perceives you made while providing service.

What Does It Cover?

Errors & omissions insurance covers the cost to defend you in court. If you’re legal team works out a settlement, it covers the settlement amount. It also pays the judgement if the courts find that you’re liable. These cases can be time consuming and expensive — even if the charges are baseless. The cost to defend yourself or your company might be too much to bear, and they might go bankrupt.

When To Buy It

Make sure you purchase adequate coverage before you provide services. If you try to get coverage after the fact, you might not have coverage for situations that occurred before your policy becomes effective. Some of your clients might insist that you buy coverage, because they want to make sure that if anything goes, they’ll get compensation.

Who Needs It?

You might think that only doctors, lawyers and accountants need errors and omissions insurance coverage, but this is not the case. If you offer advice or share your professional expertise for a fee, you might need this coverage. If for example, your customers can suffer financial losses because of advice you provide or services you render, you need errors and omissions insurance coverage.

Don’t get caught with adequate professional liability insurance coverage. Call us today and speak with an insurance agent who can help make sure you have protection against mistakes.

What are the consequences of driving without auto insurance?

If you’re considering driving without auto insurance, don’t do it. The consequence for driving without car insurance often significantly exceeds the cost of auto insurance premiums. So, you might be better off getting an auto insurance policy – even if you start off with the minimum state requirements.

All states have minimum requirements for auto insurance. The rules vary from one state to the next, but the following consequences are common among most states:

  • You’ll pay fines.
  • The state might cancel your vehicle registration, and then you’ll need to pay restoration fees.
  • You might go to jail.
  • You might receive traffic tickets – in addition to the tickets you receive for getting pulled over in the first place.
  • You might lose your driving privilege.

Avoid Financial Devastation

If you’re involved in a vehicular accident and it’s your fault, the consequences will pile on. You’ll likely pay the other driver’s losses, as well as take care of your own losses — all out of your pocket. The bill for this can be quite expensive when you consider the cost of repairing or replacing a car and the cost of medical treatment if someone is hurt. Furthermore, the other driver can sue you for loss wages, and in some states, they also can sue for pain and suffering and emotional distress. This means you can lose your home, whatever you have in your bank account and even future wages.

Get Insurance Now

It is simply not worth it to drive without car insurance. Contact us today to get a policy that suits your needs and fits your budget. It’ll take just a few minutes to find quotes that meet your budget if you use our online State Insurance Solution. You also can talk with an agent, who can help you find coverage at the best rates.

What’s the difference between buildings insurance and contents insurance?

If you reside or do business in El Paso, Texas, you’re likely enjoying over 300 days of sunshine. Despite the warm glow of the sun, like any other city, accidents happen. It, therefore, might be prudent to speak with an expert insurance agent, as you don’t want to get caught with insufficient insurance.

Coverage For The Structure

Typically, buildings insurance covers the actual building, as well as foundations and permanent fixtures to buildings. This means that furnaces, water heaters and central air conditioning units are covered. If the buildings have permanently installed carpets, bookcases and cabinets, these items are also covered. If you own a building, you absolutely want to make sure you have buildings insurance. If you’re the lessee, however, coverage for your personal items might be all you need.

Coverage For What’s Inside

Contents insurance provide coverage for your personal items, and often includes items that aren’t permanently attached to a building. For example, portable microwaves, furniture and clothing come under contents insurance. If you have a portable air conditioner to stave off El Paso’s warm summers, don’t worry, your air conditioner is covered too. You also get coverage for freezers and the food in the freezers, along with electronic equipment and artwork. If you rent the property, need this protection.

When You Need Both

If you’re not renting the property, you need both building and content insurance. Don’t assume that you have adequate coverage because you have one or the other. Each coverage type has its purpose. Also, if you have a home-based business, don’t assume you’re fully covered under your homeowner’s insurance policy. These policies often don’t cover losses associated with your business, such as damage to your equipment and critical records.

Bottom Line

The standard homeowners insurance policy covers the building, its structure and the contents. If you own a business, you might not need coverage for both the building and its content. This depends on whether you own or lease the building. Adequate insurance equals peace of mind and protection from financial devastation. Visit our website to compare quotes online, or give us a call. A friendly insurance agent will make sure you have enough coverage for your building and its content.

My son/daughter is going to University/College. Are their possessions covered?

Adult children who are ready to move out of the house and go to college or university will face a variety of new responsibilities. In certain situations, your daughter or son’s personal possessions may still be covered by your home insurance policy, but some college students may discover that your plan no longer applies to their situation.

Renting a Property

When you are looking for ways to save money when your child goes off to university, the first factor you may consider is the cost of living in the dorm. A dorm room has a set price based on a particular semester, which may or may not be slightly higher than the cost of the surrounding homes and apartments.

If your son or daughter moves off-campus, then he or she may not be covered by your home insurance plan. That means he or she will want to consider a renter’s policy.

Dorm Life

Living in the dorms can provides some relief if you are worried about lost or stolen possessions. The reason is that your child may be covered by your policy as long as he or she does not move out of the dorms.

Even if your adult child is living in a different state, the dorms mean that it is a temporary living space and that they are still technically living at home. As a result, any items that are taken to school can be replaced by most home insurance policies. Keep in mind that every plan is different, so you may or may not have coverage for your university student.

Just because your child has gone to university, it does not mean that he or she will face financial complications. Contact us to talk to an agent to learn more about coverage options that may be available.