Errors & Omissions Insurance Policies Dallas Fort Worth TX
If you are a professional or business owner who requires errors and omissions insurance in the DFW area, or elsewhere in Texas, then contact us today. We are an independent insurance agency and work with multiple carriers to help you find a policy which is affordable and as customized as possible to your needs.
Examples Of Who Needs Errors And Omissions Insurance In Dallas Fort Worth
The following is just one example of the kinds of professionals who require E&O insurance. Real estate professionals may need this kind of insurance as stated in the
TITLE 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING
SUBTITLE A. PROFESSIONS RELATED TO REAL ESTATE
CHAPTER 1101. REAL ESTATE BROKERS AND SALES AGENTS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1101.355. ADDITIONAL GENERAL ELIGIBILITY REQUIREMENTS FOR BUSINESS ENTITIES. (a) To be eligible for a license under this chapter, a business entity must:
(1) designate one of its managing officers as its broker for purposes of this chapter; and
(2) provide proof that the entity maintains errors and omissions insurance with a minimum annual limit of $1 million for each occurrence if the designated broker owns less than 10 percent of the business entity.
(b) A business entity may not act as a broker unless the entity’s designated broker is a licensed individual broker in active status and good standing according to the commission’s records.
Here is another resource on errors & omissions insurance, this time from The Hartford:
Errors and omissions insurance helps protect businesses from mistakes or errors in the professional services they provide. So, any small business that regularly gives their customers advice or offers services to clients should get this coverage. This can include:
- Accounting firms
- Graphic designers
- Advertising agencies
- Marketing consultantsErrors and omissions insurance is also known as professional liability insurance or E&O insurance coverage. It helps pay your legal defense costs if you’re sued for:
- Errors or omissions in the services provided
- Inaccurate advice
- Violation of good faith or fair dealing