How to Buy Errors & Omissions Insurance

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You should always keep a few things in mind when buying errors and omissions insurance. Buy errors and omissions insurance with help from a dedicated insurance professional in this free video clip.

Part of the Video Series: Insurance Help
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Video Transcript

Hi, I'm Doug Levi, principal agent of Strategic Insurance Services and today I'm going to talk to you about how to buy Errors and Omissions insurance. You might also hear this referred to as E&O insurance or also Professional Liability. Let me give you three things to look for. The first, is you want to know what type of E&O you need to have. So obviously if I'm in the medical practice, I need medical physician's E&O insurance. If I'm an attorney I need E&O insurance that's going to specifically protect me as an attorney. So it's important to understand, what is my need? What forms and endorsements might be on the policy that I need to be aware of? The second thing, in terms of procuring the policy, is I would look for a local agent, a local independent agent. By doing that, independent agents are going to have access to several carriers. For example, in our agency, we do E&O insurance. We have access from anywhere from twenty to fifty carriers depending on the type of industry you're in. The third thing that I would recommend, is also look at a trade association. For example, if I'm a CPA, the National Associations of CPA's very likely has an Errors and Omissions program just for me as a CPA, that I can buy directly from them, that's often going to go back to number one and going to target the specific forms and endorsements that I would need. This was how to buy Errors and Omissions insurance. You can get more information about E&O insurance on our website at tampabayinsurance.net, I'm Doug Levi with Strategic Insurance Services.

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