Errors and Omissions Insurance in Vermont

T.S. Peck Insurance
Errors and Omissions Insurance Vermont

What is Errors and Omissions Insurance?

In their day-to-day work, professionals are exposed to risk by simply practicing their craft. If they ever make an error, they can be sued for the losses that the error causes. In fact, professionals can be sued for an alleged error even if they never make a mistake. Errors and omissions insurance protects Vermont professionals from covered lawsuits over alleged or actual errors in their work.

Errors and omissions insurance is a type of professional liability insurance that’s designed for professionals who primarily provide advice. If a professional’s advice proves to be bad advice, clients may seek financial compensation for any loss they incur. Errors & omissions insurance provides protection against covered claims regarding a professional’s advice.

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Client Testimonials

“I just wanted to take a moment to let you know how great I think Caroline Collins is. – Every time I call to update my policy(and I have updated it a lot over the years) Caroline has been nothing but amazing to deal with. She takes care of all my needs in real time which is amazing. She is very personable, always respectful, extremely knowledgeable, and just all around awesome to deal with. I truly enjoy dealing with her and think she is a huge asset to your business from where I sit.”

Jason C.

“Friendly and prompt – I have been with T.S Peck for many years and have no complaints with their trusted service. They have always taken a friendly approach to their craft and are always willing to answer all of my questions!”

John S.

“We Contacted T.S Peck Insurance to inquire about auto insurance/ After with with Jake, we explored combining our auto and home insurance, in turn realizing a big savings.”

Lary P.
“When I called for a quote, my agent was personable and helpful. He always got back to me quickly with answers, which is extremely important. The entire process was handled in a timely manner and was able to meet my expectations and beyond.”
Dayne D.
“Jake Hynes and the folks at T.S. Peck have been awesome to work with! As a recent start-up, we were new to the “buying business insurance” scene. One phone call and all our concerns were laid to rest. The service has been great and the prices are very competitive. We recently price shopped again and found we were still in the best hands!”
Scott L.
Errors and Omissions Insurance Vermont

What Professionals in Vermont Need Errors & Omissions Insurance?

Almost any professional who primarily earns their living by providing advice should consider errors & omissions insurance. The list of professionals who may benefit from this kind of insurance includes:

  • Lawyers
  • Insurance agents
  • Real estate agents and brokers
  • Stock brokers and investment advisors
  • Insurance agents and financial planners
  • Appraisers
  • Trustees

What Types of Claims Do Errors & Omissions Insurance Policies Cover?

The exact types of claims that a specific errors & omissions insurance policy covers will depend on what type of professional is being insured, as well as the particular terms and conditions of the policy. Here are some example scenarios that a policy might provide coverage for:

  • A real estate agent failed to provide a client with all the available information on a Vermont property the client purchases, and the client later learns the property isn’t zoned for their intended purposes
  • An attorney writes down the wrong date for filing a case, and the client’s case is lost because the deadline is missed
  • An accountant transposes a figure incorrectly when filing a client’s taxes, and the client has to pay penalties and interest as a result
  • A stock broker doesn’t execute a client’s order quickly enough, and the client suffers a significant loss as a result
Errors and Omissions Insurance Vermont

What is a Claims Made Insurance Policy?

Because determining exactly when an error was made can sometimes be difficult, errors & omissions insurance policies are usually “claims made” policies. Claims made policies generally cover claims based on when the claim is made, rather than when the error occurred. In other words, most policies cover claims that are initially filed within the policy period.

There are two common exceptions to this general rule. First, underwriters usually include a retroactive date that determines the earliest date a covered error could be made. This is often the initial date of the policy period, as insurers typically don’t cover issues that arose prior to when a policy was purchased.

Second, some policies have discovery periods that extend coverage beyond the final date of a policy period, as long as the initial error occurred during the policy period. A discovery period may be a few months, such as three to six months, or, in special circumstances, several years.

How Can Professionals Get an Errors and Omissions Policy?

Claims made policies, with their retroactive dates and discovery periods, can be complex. To ensure they get good coverage, professionals should work with a knowledgeable insurance agent who’s licensed in Vermont. An agent will be able to review all of the terms and conditions of an errors and omissions insurance policy to make sure it provides the protections that a professional needs.

Get in touch with our team!

T.S. Peck Insurance

For questions or concerns, please contact our independent insurance agents.

Office: 41 IDX Drive, Suite 135
South Burlington, VT 05403

Office: 158 Lake St,
St Albans, VT 05478