Why Get Errors and Omissions Insurance Protection?

Why Get Errors and Omissions Insurance Protection?

eandoinsurancepliMistakes can happen no matter what career or profession you are in. Mistakes are a part of what makes us human. Although it is not something to be proud of as we do not really intend to make them, human error is simply just a part of human nature. Sadly, there are certain careers or professions where such mistakes are much of a bigger deal. Even tiny mistakes are none the less a mistake and can screw the whole process.

A good and simple example for an error where it counts most is missing to place supporting brackets and bolts on roof mounts of a particular beam. This is actually a very serious blunder. If you are the architect or contractor of the home build, even if you are not the one carrying out the physical duty, you are still responsible and liable for the mistake that has been made. This is one of the main reasons that they need errors and omissions insurance coverage.

Errors and Omission Insurance provides protection not just for businesses, but also for individual professionals should their client hold them for something they should have, but apparently did not; or perhaps stated particular results when really there was none or that something was missing. While such an insurance can truly be beneficial for those dealing with money, computations, and finances, errors and omission insurance is nevertheless and insurance protection for those in the construction industry.

When it comes to construction work, it takes just a single error in judgment, even if the task is very menial, can derail the project at hand. Although such blunders do not really occur in every construction project, they do occur to some contractors. Damages or delays that are a result of such errors are not the responsibility of the client. If these mistakes are not corrected or go unnoticed and the construction project goes on as planned, if the mistakes are critical, there is a possibility that you may face lawsuit charges from your client once found out, even if the project has already been completed.

In construction, no matter how good you are in what you do, keep in mind that you are not the only person doing the work. Although you may supervise the work of your crew, you still cannot keep an eye on everything. Due to this, it pays to have an errors and omission insurance coverage should such a lawsuit event occur during your career.

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