If you are shopping for an errors and omission insurance policy, you likely know that your focus should be on the insuring clause and the exclusions clause. The insuring clause tells you who is protected under the policy and how benefits are received. The exclusions clause tells you what would keep you from receiving benefits. But did you know there are certain benefits to your E&O coverage that you can ask for? Here are three of them:
Free Education. Some E&O coverage will include free continuing-education courses to help you stay abreast of changing regulatory and industry standards, protecting you from a potential lawsuit.
Premium Value. If you are purchasing a true errors and omissions policy, you stand protected against accidental business malpractice. If you purchase an insurance product that sounds a lot like E&O coverage but is really a risk-sharing pool, you may be in for heartache and pain. There is always the chance that the risk pool will dry up just as you need to dip into it.
Fast and Easy. Finally, once you have selected the best insurer and the right errors and omissions policy, consider ease of application. While the purchase could be long and complicated in the past, today’s digital revolution should make applying for E&O coverage fast and easy.