••••••>ERRORS AND OMISSION INSURANCE Author : Lousie Smith
Insurance means protection from any unknown danger. Every people are recommended to have an insurance policy so that it helps in securing the future. There are many kinds of insurance available. Life insurance is the most popular insurance that almost every people have. Besides this people, also go for house insurance, mobile phone insurance, automobile insurance, health insurance. In this age of health loss and financial loss the people mostly go for the health insurance and the E and O insurance. The people have these insurance so that they can be safe even if there has been some errors in the transactions. Errors and omission is business insurance and is mostly for the business professionals, stockbrokers, architects, insurance agents. An error and omission risks can hamper huge financial losses to the organization and this can happen at almost any transaction. This type of insurance actually helps the individual to pay for the huge loss and protects against legal action on the representative. E and O insurance covers the vital protection of a representative. If at work the representative makes any errors in transaction then the insurance company pays the remaining amount and protects the representative from any legal process. The errors and omission insurance has many varying liability limits. The premium of these depends on the insurance amount and is generally high. The real estate E and O insurance depends upon the market risk and the valuation of the real estate the representative deal with. This type of insurance is done so that the lawsuit can be escaped and the representative can escape huge financial losses. The insurance company first do an investigation on any case and then if everything is found normal and a certain fault is found, then the funds are provided to the representative.
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Insurance means protection from any unknown danger. Every people are recommended to have an insurance policy so that it helps in securing th...