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Does anyone carry Errors and Omissions Insurance? - BobbyJ

Posted: Dec 02, 2009

Does anyone carry Errors and Omissions Insurance? If so, what is the ballpark cost of a yearly premium? Thanks.

$500-750 annually - onemore

[ In Reply To ..]
When I checked into it, the quote I was given was somewhere aorund $500-750 annually.

Question - siren

[ In Reply To ..]
What is errors and omissions insurance? I have never heard of this before.

E&O - Happy MT Robin

[ In Reply To ..]
Insurance that will provide defense coverage for you if you, in the course of your work/profession, make an error or omission that causes harm to someone else in some fashion. For instance, if an insurance agent lets a policy lapse and the insured has a loss that is then not covered, or if said agent neglects to make sure that a specific type of coverage is included in the policy terms and a loss occurs that is not covered.

I've been pretty vocal about the fact that I do not believe any MT should ever be required to get E&O insurance. The doctors/health care providers are required to sign their reports once they receive them back from the MT/MTSO. That action then puts the burden of accuracy on the health care provider NOT the MT, so any error would fall into the purvue of the health care provider.

From the checking I did, $500 to $750 a year would be on the low end of the scale for this type of insurance for an MT and could possibly run closer to $1500 a year. I would never do it.

Thanks for the Input - BobbyJ

[ In Reply To ..]
Thanks for the input. I feel the same way. They are the last to see the report and should at least skim it before they sign it. But I have recently learned that some places require MT's to carry it. That's why I was curious as to the cost. Still haven't decided whether to do it or not.

I have never heard of this - and would not get it

[ In Reply To ..]
Sounds like just another way to part a fool from his money.

Check with your local - onemore

[ In Reply To ..]
Check with your local insurance that you use for your auto and homeowner's insurance, you can get a discount. This was where I checked for the E&O insurance. I believe they called it something else but does the same thing.

Be very careful with this - Happy MT Robin

[ In Reply To ..]
Make sure they are indeed calling it E&O insurance. If they call it something else, then it is not E&O. It cannot be combined with your homeowners and/or auto insurance. Those are very, very different types of coverages. I would be surprised if a State Farm agent or another type of agent like that sold E&O. This is very specific insurance that is typically only available through a wholesale insurance market. That means that your retail agent like State Farm, Farmers, etc., has to go to the wholesaler to buy the policy to sell it to you.

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