People do more research on service providers these days than ever before. If a business is to keep up with its competition it needs to assure customers that they are choosing the right company for whatever job it is.
Since even professionals make mistakes, Error omission insurance is necessary to protect a business, and its customers should a business error cost financial loss. First, find out who is in need of Error Omission Insurance, and whether this particular type of policy can protect you should you ever be sued.
Who Needs E&O Insurance?
All professionals offering a specialized service for a cost should have this insurance, which is often called, professional liability. Among the professionals who carry this sort of insurance are doctors, lawyers and financial consultants.
How This Style Insurance Can Help You
This sort of policy has to be bought apart from the general commercial policy. These basic policies do not contain many of the risks that e&o cover. If you or an employee make a mistake that causes financial hardship to one of your clients a lawsuit may follow. Rather than your insurance company charging you by the hour to see if a lawsuit is feasible, if you have errors and omissions insurance you will be covered without having to pay all the extra to your normal insurance company.
Where Can You Get Errors and Omissions Insurance?
Talk to your existing insurance agent. If his company doesn’t offer this sort of insurance, get in touch with a commercial broker. Brokerages deal with many different insurers and will find what you need at the best cost.