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8 Professions Where Errors & Omissions Insurance Is Essential

Fri Dec 30th, 2022 on     Insurance Claims,    

Errors and Omissions (E&O) insurance exists to provide coverage to professionals when they are sued for malpractice. It is required for many licensed professionals, and even when it is not required, it is highly recommended. In addition to providing the compensation needed to cover the cost of defending against the lawsuit, it typically also covers any judgments or settlements that are reached in the malpractice lawsuit. The experienced attorneys at our Miami insurance law firm, Ver Ploeg & Marino, work with many different types of licensed professionals, including those listed below.  

#1 Attorneys

Clients that are unhappy or dissatisfied with the results of their claim or lawsuit often blame their attorney, even when that attorney did not commit any errors in their representation. When this happens, they often report the attorney or their firm to their bar association and file a legal malpractice claim. While it may seem like an innocent attorney should have nothing to fear, the truth is that mounting a proper defense can sometimes be tedious and require the assistance of counsel that focuses on E&O matters. The legal bills can quickly add up, and if the malpractice suit is successful, the attorney may be left owing an extensive amount of money for settlement or by judgment. 

#2 Physicians & Other Medical Professionals

Doctors and other medical professionals, from physical therapists to X-ray specialists, need E&O insurance coverage in case a patient, or their family member, ever claims that they did not provide the required level of medical care. These types of lawsuits typically allege that the medical professional did or did not engage in a specific activity, such as:

  • A failure to correctly diagnose a medical condition or disease
  • A failure to properly treat a medical condition or disease
  • Removal of the wrong body part during surgery

No matter the claim, these malpractice lawsuits can be expensive for a Miami insurance law firm to defend against, and having E&O insurance coverage can be a financial savior for accused physicians and other medical professionals. 

#3 Architects

Architects are another type of licensed professional that need E&O coverage. When a client is unhappy with their project, they sometimes blame the architect, claiming there was an omission or some other type of mistake in the architect’s work. Architects facing these professional liability lawsuits do not want to be left holding the bag and having to pay out-of-pocket for an expensive defense, as well as any amount that may be owed in settlement or pursuant to a court judgment. 

#4 Accountants

Bookkeepers and tax preparers have a lot on their plate, and mistakes are easy to make. When they do happen, they sometimes result in unhappy clients filing a lawsuit. Even perceived accounting errors, not actual errors, can result in these lawsuits. Accountants can face many allegations, including:

  • Failure to recommend an audit
  • Failure to identify fraud
  • Inaccurate bookkeeping
  • Failure to adhere to applicable laws in tax preparation

Accountants accused of improperly performing their professional duties often need the help of an attorney from Ver Ploeg & Marino, a Miami insurance law firm

#5 Engineers

There are many different types of engineers, including mechanical, civil, and structural. Each type should carry E&O insurance in case a client files a lawsuit for a perceived or actual mistake in the work the engineer performed for them. Like other professionals, E&O insurance for engineers can cover the costs of defending a lawsuit as well as the costs of settlement or a judgment. 

Reasons clients pursue a lawsuit against engineers include:

  • Creating a faulty design
  • Making a recommendation that results in a financial loss for the client
  • Creating a design that does not meet the client’s needs or expectations

#6 Insurance Agents/Agencies

Insurance agents should have E&O coverage to protect them in cases where an unhappy client sues for errors and mistakes. Some of the reasons clients sue include:

  • Failure to recommend the type of coverage needed
  • Failure to actually provide the insurance
  • Stating that a policy provides coverage that it does not actually contain
  • Missing a deadline that affects the client’s coverage

An effective E&O insurance policy can provide coverage to an insurance agent in any of these scenarios. When claims are denied, or in complex cases involving disputes over E&O coverage, it is best to speak with an attorney at the Miami insurance law firm Ver Ploeg & Marino. 

#7 Realtors

Realtors all too often find themselves in a scenario where a buyer or seller does not feel that the realtor performed their job and duties owed to them properly. Claims can cover a wide range, including:

  • Failure to provide essential information about the property to the purchaser
  • Providing incorrect information, such as the tax implications a seller will face when they make a profit on the sale of their home
  • Failure to follow through with an action requested by the buyer, such as having an inspection for termites

Realtors should be careful not to overstep the scope of their representation to prevent claims from buyer and seller clients.

#8 Mental Healthcare Professionals

Mental healthcare professionals are not immune to claims of malpractice, and E&O insurance is key to providing the financial assistance needed to mental healthcare providers when they have been accused of wrongdoing. Claims made against these providers cover a wide range of issues, including:

  • Failure to obtain a client’s full medical history
  • Failure to establish boundaries with clients

When a mental healthcare professional is sued for acting in a manner that falls short of the standard of care owed, it is best to contact a lawyer at a Miami insurance law firm

Speak with an Errors & Omissions Attorney at a Miami Insurance Law Firm

If you are a professional that has a complex issue or dispute regarding your errors and omissions insurance, speaking with an attorney experienced in this area can provide guidance and peace of mind. Contact our Miami insurance law firm, Ver Ploeg & Marino, to learn more.

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