Errors and Omissions Insurance in North Carolina
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Errors and Omissions Insurance in North Carolina
What is errors and omissions insurance?
Clients who seek professional advice expect that advice to be correct and accurate. If a serious and costly error is made, a client could seek compensation through legal action. Errors and omissions insurance may help North Carolina professionals shield themselves from this type of risk.
Errors and omission insurance offers specialized professional liability protection for those who offer advice. Policies may protect against a range of errors that can be made when advising clients.
Who in North Carolina should get E&O insurance?
E&O insurance is primarily for professionals who offer advice. Many professionals in North Carolina who regularly advise clients could benefit from having coverage. For example, these policies may be right for:
- Attorneys, mediators, and paralegals
- Real estate brokers, real estate agents, and home inspectors
- Wealth managers, asset managers, and financial advisors
- CPAs and tax preparers
- College admissions consultants and management consultants
- IT consultants and other consultants
- Conservators and Guardians
Contractors and trade professionals who regularly advise clients might also want coverage. An insurance agent who’s familiar with E&O can help contractors determine whether coverage would be useful to them.
Can medical professionals get E&O insurance?
Medical professionals typically need medical malpractice insurance. Their coverage needs are more specific to healthcare, and beyond what most E&O policies offer.
What sorts of situations can E&O insurance cover?
The exact situations that an E&O policy covers depend on that policy’s specific terms. Depending on terms, a policy might cover situations such as:
- Financial advisor mistakenly clicks “sell” rather than “buy” when executing a client’s stock order
- Attorney misses a deadline that potentially jeopardizes the legal action their client is pursuing
- CPA mistypes the decimal on a figure when preparing taxes, and their client later faces penalties and interest
- Media consultant fails to properly vet an advertising campaign’s regulatory compliance
- Real estate agent neglects to properly note historical landmark restrictions on a property
- Home inspector overlooks a deteriorated foundation or leaky roof when conducting an inspection
What does it mean that an E&O policy is “claims made?”
A “claims made” E&O policy normally bases coverage on when a claim is filed, rather than when the error occurred. Most valid claims that are filed during the effective period will be covered. They could be covered if the error occurred even before the policy was purchased.
What does it mean that an E&O policy is “occurrence?”
“Claims made” is in contrast to “occurrence.” An occurrence policy normally bases coverage on when an error occurred. Most valid claims that occur during the policy’s effective period will be covered. Any that occurred before the policy was purchased are unlikely to be covered.
What does an E&O policy’s “retroactive date” mean?
A “retroactive date” in an E&O policy normally marks the earliest date that an error could have occurred. Any errors made before this date are unlikely to be covered, even if they otherwise would be and the policy is claims made.
What does an E&O policy’s “tail coverage” mean?
Tail coverage may extend the timeframe for filing claims beyond the policy’s expiration. Claims filed during a tail period may be covered, even though the policy’s end date has passed. How long the period lasts depends on the policy’s specifics.
Tail coverage can be an especially important feature of a policy, as sometimes errors are discovered well after advice has been given. It’s more common in claims made policies.
Where can professionals in North Carolina find errors and omissions insurance?
If you’re a professional who regularly gives advice, contact us at Laurie Insurance Group. Our North Carolina agents have helped many professionals find errors and omissions coverage, and we can help you find an errors and omissions insurance policy that provides the coverage you need.
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