The coverage included in your Errors & Omissions Insurance quote is based on the information you report in the application. If the application reflects income from a particular activity, the carrier will quote with coverage for that activity (if the coverage is available). For example, if you reported income from the sale of personally owned property, the carrier would include an endorsement (if available) that specifically extends coverage to that activity.

Whether you realize it or not, your business changes from year to year. If these changes are not reflected on the application, the policy may not include the changes necessary to extend coverage for all your business activities. Even worse, the carrier you’re insured through may not even be able to offer the coverage needed.

It is important to review your quote and policy every year to ensure that the policy includes the coverage needed. It is best to review the coverage at quoting time. That way any necessary changes can be made prior to binding. Talk to your agent about your business so they are able to find the right carrier and coverage for your needs.

By Aliah Franco