Dos And Don’ts Of Insurance

Being covered by insurance is a good thing but only when you are well aware of all the details that come along with the entire policy and when you have a coverage that really matches your needs and wants.

At times it seems that getting a policy is a simple task but the fact is many individuals can be mislead with the particulars of a health plan and when the need arises for them to use it they get surprised of what gets covered and what does not get covered.

As a quick guide to help you get started with selecting your health plan, we detail some of the dos and don’ts of getting insurance.

Do read every detail of the policy before deciding to purchase it as it will determine and describe to you all of the necessary items that are included when you need to use the policy.

Do not instantly decide to purchase a policy trusting that all are created the same and that what you expect to be covered will be covered – not all plans are equal in a company and the same goes when going through those of other companies.

Do look out for a plan that suits your finances and budget as most companies are willing to provide the best options in terms of payment schemes so look into the different rates that they offer and select from those that match your budget.

23pension7Do not select a plan hurriedly and assume that you will be able to pay for it without even consulting the company personnel – make sure to elaborate on your budget and seek for options, terms and conditions with regard to payment and how often these will be done.

Do ask for referrals especially from family and friends who have had their own insurance policies this will ensure you that you are in good hands and that the insurance company has had previous business with people who you trust.

Do not easily believe what you see on a company website or pamphlet and make sure to consult with other resources to compare what real people say about the services that are provided by the company – this provides you with a better image of the company based on actual patients who have had the opportunity to directly use the insurance plan that you are deciding to purchase.

What Is Errors And Omissions Insurance – Why Do You Need It?

Making errors and mistakes is often associated to what makes us human.  However, if you are working professionally and that part of your job is to provide accurate and error free work such as that of in banking, finances, accounting, and taxation management, your clients are basically employing your services expecting everything will go smoothly, accurately, in proper order, and with no mistakes made.  This is because any mistakes when it comes to numbers can have serious consequences at the final tally.  This inaccuracy due to an error or mistake made within the compounding of numbers can lead to a very serious situation since there is no telling if a gain or loss has been made.

For individuals and companies that are involved in such trade and profession, a serious mistake can be detrimental to their part and reputation.  In fact, they may likely even be sued by their client for the mistakes incurred by them which has led to variety of rippling effect on their business.  Since lawsuits are quite common nowadays involving errors and mistakes incurred by the professional, the professional can actually protect his best interest and his overall reputation without costing him money on the courtroom litigation process by getting insurance that provides coverage on such unintended errors on their part.

Errors and Omissions Insurance is a type of professional insurance protection that aims to protect and provide financial aid to the insured should they get sued under such cases.  If a professional dealing with numbers and money get sued without insurance, he will need to pay for all the expenses involved in his legal defense.  This will include lawyer’s fee, courtroom fees, and other expenses necessary for his defense.  Of course, if the court’s verdict finds his defense guilty of what has been accused of him, then he may also need to shell out money for the court-decided settlements.

To avoid any unnecessary expenditure on your part should you get sued by a client on reasons that have or have no grounds or merits at all, getting errors and omissions insurance may just prove to be an invaluable asset and investment for you.  After all, this insurance protection will be what sets you from losing significant amount of your hard-earned money to not having to worry about paying any serious money at all.