Errors and omissions insurance is vital for sensible professionals. Society today is so diverse and so global when it comes to modern commerce that is highly likely you or your business will encounter a damage claim. An errors and omissions policy is what will protect you against such claims.
Errors and omissions insurance coverage has been a part of big business operation for a long time. It may have been called by a different name, but national and international businesses that deal with consumers have long recognized the importance of some form of liability coverage. While general liability insurance policies offer protection against many claims, they focus mainly on tangible facilities or products.
Errors and omissions insurance differs in that it focuses on safeguards for more intangible things like expert opinions, work that is based on personalized assessments, and phrases and wording in legal documents. Such intangible products are highly subject when attempting to determine quality and accuracy.
Due to complex and constantly changing characteristics of today’s business world, even the most careful and conscientious professionals cannot completely free themselves from allegations of errors and/or incompetence. So despite the high premiums associated with errors and omissions insurance, the flexibility and security of such policies are well worth the money.
Errors and omissions insurance policies can save you hundreds by avoiding expensive attorney’s fees in the event of a lawsuit and/or a settlement. They can provide peace of mind so that you can focus on carrying out day-to-day business practices and gaining and keeping clientele.
Errors and omissions insurance come with a variety of benefits, deductibles, exclusions. Research which policies might be right for you, and contact a professional insurance agent to choose the best fit as soon as possible.