What Is EO Insurance?
EO or Errors and Omissions insurance is a type of business or commercial insurance. Designed for professionals, EO insurance is available from state-licensed commercial insurance professionals.
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Function
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EO insurance protects professionals and the company that employ them from a financial loss resulting from a mistake made within their work.
Types of Professionals
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Professionals who typically purchase EO insurance include doctors, dentists, chiropractors, attorneys, notaries, accountants, financial advisers, architects and engineers. Any type of business that delivers a service for a fee may wish to consider EO insurance, however.
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Features
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EO insurance provides payments for legal defense fees, judgments and settlements up to a dollar amount named in the policy.
Cost
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In exchange for the coverage provided by EO insurance, professionals or their employers pay a fee known as a premium either on a monthly, annual or other regular basis. The cost varies based upon the type of business and any previous claims that have been paid on other EO policies.
Considerations
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EO insurance for doctors is sometimes called malpractice insurance, while other fields call it professional liability.
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