{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"187: Are You Risking Everything? The Insurance Your Business Can't Operate Without (Part 2)","description":" Most professionals know they need insurance, but many don't realize their general liability coverage has significant gaps when it comes to professional services. In this episode of Absolute Trust Talk, host Kirsten Howe continues her conversation with Dean Myers, owner of Core Insurance Agency, to explore errors and omissions insurance\u2014specialized coverage designed specifically for professional liability risks. Discover which professions beyond doctors and lawyers should consider E&O coverage, including architects, engineers, accountants, and contractors who incorporate design elements into their work. Learn what actually drives malpractice claims (hint: it's often administrative issues rather than technical errors), how premium costs vary between specialties, and what "tail coverage" means for your long-term protection. Whether you're evaluating your current coverage or exploring professional insurance for the first time, this conversation offers practical insights to help you understand your options. This is Part 2 of our business insurance series\u2014our next episode will cover cyber liability coverage.   Time-stamped Show Notes: 0:00 Introduction 1:06 What is E&O insurance, and why do professionals need specialized coverage beyond general liability? 3:57 Why E&O is standalone coverage excluded from all other policies, and why you need a specialist broker to obtain it. 4:13 How premium costs vary dramatically based on practice area - why patent and intellectual property lawyers pay more than estate planning attorneys. 5:04 International patent claims require specialty counsel charging far more than standard insurance defense rates, driving up premium costs significantly. Here\u2019s what you need to know. 6:00 Medical malpractice reality: why dermatologists pay less than obstetricians, and why anesthesiologists face high premiums due to drug access. 7:00 The surprising truth: over 50% of legal malpractice claims are purely administrative failures, not technical errors. 7:58 Real claim example: lawyer's failure to appear in Los Angeles County court from Santa Barbara - distance and backup planning matter. 8:44 Why lawyers excel at risk management by staying in their lanes and being selective with clients. 9:37 How ER physicians are paid per patient visit, creating potential conflicts between volume and quality of care. 12:03 The contractor design trap: why general contractors who design staircases, handrails, or balconies face uncovered exposures. 13:31 How contractors win bids by offering design services but create massive liability gaps their standard coverage won't protect. 14:43 Tail coverage explained: protecting your retirement from claims that surface years after you close your practice. 15:15 Picture yourself on a beach in Fiji, five years after retiring, when a claim surfaces from your past work-tail coverage protects you. 16:08 Good news about tail coverage: no applications required, elect the coverage when you retire.   Take the Next Step in Your Estate Planning Journey If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll: Learn about your unique situation and goals Answer questions about our services Determine if we're the right fit to work together  Visit https:\/\/absolutetrustcounsel.com\/scheduling\/ or call 925-943-2740 to schedule your free discovery call today. Follow and Review: We\u2019d love for you to follow us if you haven\u2019t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We\u2019d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select \u201cRatings and Reviews\u201d and \u201cWrite a Review\u201d then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast. Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications\u2014from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com. ","author_name":"Absolute Trust Talk","author_url":"https:\/\/absolutetrustcounsel.com\/podcast","html":"