Most of us want the protection that insurance offers, but we would like to think about it as little as possible, and this goes for professionals carrying errors and omissions insurance too. With the advent of online services, the purchasing and maintenance of insurance policies has been simplified more than ever; for instance, you may be able to call a car insurance company, get a quote, put all ‘the wheels’ into motion, and have a policy within less than an hour. Online representatives can lead you in the right direction regarding standard requirements and limits, as well as explaining more about additional coverage you may prefer. Cards and your policy are generated quickly, and in most cases, you can sign up for an online account too for checking billing dates and other details. Usually, complexities arise when there is a claim.
Damage or liability issues may arise when there is an claim due to the negligence of others, whether another motorist ran into you or perhaps you had a homeowner’s claim due to a major construction defect like a faulty electrical or plumbing system. A customer may slip and fall at your business or you may have your own health insurance claim to file due to an unfortunate illness or an accident. In some cases, you may find that there is resistance from the insurer to pay your claim—and while this could be due to a valid yet undisclosed reason, it could also be due to a mistake on your insurance agent’s part. At this point, their errors and omissions insurance kicks in, and that is how the claim is paid; conversely, this could also happen for you if you have professional liability insurance and a client sues you due to negligence.
Errors and omissions insurance (also known as E&O) protects the agent and their company, as well as you from financial loss if a claim is valid and paid out. Insurance agents may produce errors in the application process that could cause a claim to be denied, but in some cases, they may have failed to examine your insurance needs properly, may have overlooked explaining exclusions that could be extremely important, over may have been negligent in attaining your coverage, or completing the filing of a claim for you.
If you need help reviewing your insurance policy, or if you suspect your insurance company may be denying your claim in bad faith, contact the attorneys at the Bolender Law Firm. If a dispute over a claim cannot be easily resolved through a call or written communication, our attorneys will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!