Which type of insurance can safeguard an appraiser against liability?

Errors and Omissions Insurance is specifically designed to protect professionals, including appraisers, from claims arising from mistakes or negligence in the performance of their professional duties. This type of insurance coverage addresses issues such as an appraiser inaccurately valuing a property or failing to comply with standards, which can lead to financial losses for clients and potentially result in lawsuits. By having Errors and Omissions Insurance, appraisers can defend against such liabilities, ensuring that they have financial protection in case a client claims to have suffered damages due to the appraiser's actions or omissions while carrying out their professional duties.

Other types of insurance, like General Liability Insurance, typically cover more general claims of bodily injury or property damage that occur on a business premise rather than errors in professional services. Property Damage Insurance focuses on protecting tangible assets rather than offering coverage for negligence or mistakes in professional advice. Workers' Compensation Insurance covers employees who might become injured while working but does not address the liabilities that may arise specifically from the professional actions of an appraiser. Thus, Errors and Omissions Insurance is the appropriate safeguard for appraisers against professional liability.