As per the latest market terminology, it is now said that the Professional Liability Insurance is popularly known by the term Errors and Omissions Insurance (E&O). It is now widely accepted as a form of insurance coverage which offers financial protection to professionals during events where they can get sued by third parties or even their clients during the incurrence of financial losses or damage.
The main purpose of the purchase of any kind of indemnity insurance policy by individuals is to protect themselves from any possible liability in the future. Things like these may occur as a result of either direct or indirect services provided by the third parties or clients. During any possible lawsuit, most of the clients incur losses which come directly from the responsible professionals. Today, mistakes are inevitable, and as professionals, it has become common to incur losses as a result of the mistakes, failure, and even negligence or other such unexpected events. This has led to many lawsuits by third parties or customers. With secure insurance policies, it is said that many businesses are able to cover their court costs or defense costs by the insurance policy. This has been a life saver for so many types of businesses because of the fact of the matter that the present day lawsuits are all extremely costly and have been known to accumulate expenses which range from $100,000 and above. Experts have affirmed that the costs for different forms of liability vary from business to business and from profession to profession. This means that the cost of the liability of a certain type of career will be determined by the profession, the industry, the market, etc. Yoga instructors pay as little as $ 190 for an entire year while an IT consultant pays anywhere from $500 to as high as $2,000 and even more depending on the position.
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