Who Needs Errors and Omissions Insurance?

Errors and omissions insurance is a form of coverage that provides your company with protection in case one of your clients ever holds you liable for a product or service you provided or failed to provide. If you don’t already have a policy, there are several reasons why you should turn to an E&O wholesaler to discuss your options.

 

The Purpose of Coverage

 

Everyone makes mistakes. Even if you have the best employees on your team and have instigated sound risk management policies, you or one of your employees will likely make a mistake at some point. Most of these policies cover settlements, judgments, and defense costs. Even if the allegations made against your company are found to be groundless, the litigation process can be extremely expensive. Without proper insurance, your business will likely have to front these costs. Not only can these expenses harm your business’ financial stability, but they can also negatively impact your business’ reputation.

 

Professionals that need this form of insurance include doctors, dentist, architects, engineers, dentists, lawyers, and accountants. However, any business that provides services to clients for a fee can benefit from acquiring an errors and omissions policy.

 

Protect Your Business

 

By not contacting an E&O wholesaler to acquire one of these policies, your business could be taking a serious financial risk. If your operations are not already protected, make it a priority to obtain errors and omissions insurance.

This post was written by , posted on January 2, 2014 Thursday at 1:30 pm

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