Sentences with phrase «omission liability»

"Omission liability" refers to the legal responsibility or accountability for failing to do something that should have been done. It means being held liable for the consequences or harm caused by not taking necessary actions or neglecting one's duties or responsibilities. Full definition
As its name suggests, errors and omissions liability insurance covers claims that arise out of negligent acts, errors or omissions committed by a business in the course of providing services to others.
Many professional associations (like the Real Estate Council of Ontario or the Human Resources Institute of Alberta), have mandated the requirement to carry Errors & Omissions Liability in order to practice within their fields.
Errors & Omissions Liability protects the business professional by shielding their assets and paying for defense and potentially onerous legal costs if a client makes a claim.
And if part of your job or business is to offer a specialized service or advice, you should consider securing professional liability [errors and omissions liability] jointly with your Commercial General Liability coverage.
Errors & Omissions Liability aka Professional Liability responds to situations not covered by a Commercial General Liability policy which addresses events related to property damage and bodily injury.
As an example of errors and omissions insurance, if a financial advisor provided investment advice that resulted in a client's financial loss, those circumstances could result in an errors and omissions liability claim.
While a general liability lawsuit might be adequate, you may also be able to find affordable coverage more directly related to your field, such as accountants professional liability or technology services errors and omissions liability.
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In case you have some specific concerns, additional liability policies selected according to your needs, such as Errors and Omissions Liability Insurance or Directors and Officers Liability, will be most helpful.
In some provincial jurisdictions (like Ontario, Quebec, Saskatchewan), Errors & Omissions Liability is mandatory for professionals like Financial Consultants and Estate Planners.
Other types of business professionals who might need Errors & Omissions Liability are IT / Computer Consultants, Software Developers, Architects & Engineers, Medical Professionals, Interior Designers, Management Consultants, Counsellors & Mediation Specialists, Web Hosting Companies, Oil & Gas Consultants, Advertising Agencies, Wedding Planners, Travel Agents, etc..
While a general liability lawsuit might be adequate, you may also be able to find affordable coverage more directly related to your field, such as accountants professional liability or technology services errors and omissions liability.
Be sure to mention whether you carry professional liability, errors or omissions liability, liquor liability, employee benefits liability or employment practices liability insurance.
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