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errors and omissions insurance is required for a) partnerships who are buying real estate for their own account. b) utility companies buying right of ways. c) all licensed corporations and limited liability companies. d) inactive brokers.

Respuesta :

All authorized corporations and limited liability firms are the solution. The authorized brokerage business, corporation, or LLC is obliged to maintain errors and omissions insurance in addition to individual policies.

Why do you need errors and omissions insurance?

Errors and omissions insurance (E&O) is a sort of professional liability insurance that defends businesses and the people who work for them against client claims of subpar work or careless behavior.

This form of liability insurance is typically necessary for organizations that offer expert counsel or professional services. A business without E&O insurance may be liable for millions in damages in addition to the cost of a legal defense.

Is E&O coverage required?

Companies that offer services need errors and omissions insurance. Without E&O, a customer-initiated lawsuit could have a significant negative impact on a company.

Which losses fall under the purview of errors and omissions insurance?

Errors and Omissions insurance, sometimes known as E&O insurance, is a crucial addition to a company's general liability insurance. It shields you from financial harm in the event that a client sues you for errors or omissions in your services.

Learn more about Errors and omissions insurance (E&O): https://brainly.com/question/28287926

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