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Errors and omissions insurance coverage is a must for any business that offers consulting, services, or advice to buyers. This includes real estate agents, travel professionals, architects and accountants, just to name a few. Errors and omissions insurance is a form of professional liability insurance that covers the cost of legal defense in the event of a client lawsuit against you and your company.
In 2012, statistics showed that 1 out of 7 of every insurance agent will report and EO claim at some point during their career (Tilinghast Survey). When you acquire your business liability insurance coverage, be sure to include an errors and omission policy to cover you in case of:
Be sure you’re employees are covered as well with workers’ compensation insurance from a Business.com vendor.
Errors and omissions insurance coverage is sold through commercial insurance companies and independent agents that specialize in such coverage. It’s a good idea to get quotes from a few different agents or companies and choose one whom you are comfortable working with, or one who has experience working with your type of company.
Some questions to ask before making your decision:
Errors and omissions coverage varies to suit a wide range of industries. Types of coverage and premiums depend on your business, the risk exposure involved, your business location, the number of employees and other factors. A good business insurance agent or insurance company can help you make sense of all of your options and make sure you are completely covered.
Good business practices, such as putting all client contracts and communications in writing and structuring a business plan that identifies and incorporates specific business exposures, will help ensure that your business has few, if any, E&O claims. In addition to keeping your clients happy, having few claims can award you a lower insurance quote.
Everyone makes mistakes, so E&O insurance is a necessity for any business based around consultation. However, client lawsuits and judgments can damage or even bankrupt a small business, when taking to account that the average cost per settled claim is in excess of $16,000. Errors and omissions business protects your practice if you for one reason or another fail to work or perform as promised in your contract.
If you are interested in errors and omissions insurance, you may also want to consider purchasing liability insurance from one of our qualified vendors.
Even businesses with the highest levels of professionals can make mistakes. When accountants, doctors, lawyers, and other highly trained professionals make mistakes, though, it can cost them a lot of money in lawsuits. That is why many companies choose to purchase errors & omissions insurance.
Purchasing an errors & omissions insurance policy could offer your business the protection that you need from lawsuits resulting from unintentional mistakes. If, for instance, an accountant working for your firm accidentally calculated a client's taxes incorrectly, then the insurance policy would pay for any lost revenue caused by the mistake. Insurance policies might target specific types of companies. A policy that meets the needs of a psychologist, for instance, might not always offer the coverage that a medical doctor needs.
Learning more about the various types of insurance policies that are available could help you choose an option that meets your coverage needs best. Business.com can help you investigate the policies that might appeal to you. You can start by visiting the websites listed at left. Explore these sites to learn more about the advantages of choosing certain types of policies. After you have read these pages, you will have more information to help you make a good decision.
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