Considering the amount of time, effort, and resources that usually go into achieving professional or business success, it follows that protecting yourself should take priority. Providing a service or product, for example, can be personally and financially rewarding, but misinterpretation could leave you vulnerable. For this reason, error omission insurance should be a part of your business practice.
While certain transactions may seem straightforward, many customer service interactions may be subject to interpretation. Additionally, it is likely impossible to plan for every conceivable scenario that may occur as a result of your business dealings. Despite your level of caution, having protection against the potential damage resulting from even one complaint may keep you from serious or insurmountable setbacks.
Different professions and industries have different needs in terms of coverage. Accordingly, selecting a customized policy would be advised. Choosing to work with a financial representative that specializes in your particular field, for example, will likely lead to the best outcome.
Even if you are already working, it is never too late to consider or reconsider your E and O insurance coverage. You may search online or even gain advice from your peers as you determine your particular needs. If you are just entering the work world, taking time at the outset to protect yourself should be at least one of your first actions.
It is important to remember that having this sort of insurance does not relieve you of following good business practices. Fraud or intentionally harmful actions, for example, will still lead to serious consequences. Filling the gap against handling subjective claims, however, can keep your business and your reputation from suffering.