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Errors and Omissions Insurance

What is errors and omissions insurance?

Errors and omissions insurance is a kind of policy that protects professionals from any kind of liability claims filed against them by their clients for erroneous work and negligence. Most of the times, these policies cover both the court costs and any settlement up to the amount that is agreed upon in the policy. Read below where Experts have answered questions about errors and omissions insurance.

A tax service company cannot request an individual for indemnification if he/she wrongly filed his/her taxes. The company may file a claim with his/her errors and omissions insurance if an error was made while filing taxes.

Would an individual have to pay penalties and interests if his/her accountant made an error while preparing his/her tax papers?

An individual may be responsible to pay the interests and penalties if his/her accountant made an error while preparing his/her tax papers. He/she may then sue the accountant’s firm or their insurance company.

Can an individual who is signing a power of attorney for their friend obtain errors and omissions insurance to protect themselves from any liability?

An individual who is signing a power of attorney for a friend may not be able to obtain errors and omissions insurance if the individual is not a professional.

Would a mistake by an accountant’s electronic tax filing service be covered by errors and omissions insurance?

An error caused by an accountant’s electronic tax filing service while filing an individual’s tax may be covered under errors and omissions insurance.

What recourse does an individual have if his/her insurance company charges both the individual and his/her spouse for homeowners insurance?

If an insurance company charges both an individual and his/her spouse for the same homeowners insurance, he/she may demand the company for a refund and sue them for fraud. If the company or the insurance broker refuses to give a refund, the individual may sue the company for negligence and file a claim against their errors and omissions insurance.

Would an individual require insurance if he/she were to help others prepare their legal documents?

An individual may not be allowed to prepare legal documents if he/she is not an attorney. However, if the individual helps others with standard legal forms that have been approved by a legal counsel, then he/she may not require errors and omissions insurance.

If you are a professional who may be at a risk of liability suits from different clients, then you need to know the importance of errors and omissions insurance and its various legal aspects. You may ask an Expert if you have any questions about this insurance.
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