Errors & Omissions Insurance to Protect your Business Assets

Errors & Omissions Insurance to Protect your Business Assets

Errors and Omissions insurance, also referred to as Professional Liability coverage depending on the industry, is an insurance product that is specially designed to protect professional service firms and companies from claims that may arise from a mistake or omission during the course of the service provided. While the mistake may not have been intentional, the cause of financial loss to the customer can lead to expensive lawsuits that could be dragged out for a number of years in court. During this time defense costs will add up, settlements agreed upon, and judgments ordered, which if not properly planned for can be the cause of your business' insolvency. All of this can be prevented by purchasing errors & omissions insurance to protect you and your businesses assets in the event of this scenario.

Any professional service firm providing any type of service to the commercial and residential community is at risk for an errors & omissions lawsuit. While the professionals, or the clerical staff within the service firm may not be at fault or negligent in any manner, an unhappy customer has the right to file lawsuits for services that were not performed to their expectations. Whether you win in court or not, defense costs can be draining if you are not properly covered by errors omissions insurance.

It is important to understand that an error or omission can occur in practically any service transaction. No matter how skilled or focused you are on providing excellent service, professionals, like customers, are human. These mistakes, as minor as they may be, could be the cause for a major lawsuit. With error & omission insurance, professionals will have the peace of mind they need to provide an excellent quality of service while still excelling in their trade. Any professional can be accused of wrongdoing or negligence; every professional should be prepared for this with errors omissions insurance.

Virtually every professional in the service industry is eligible for errors omissions coverage. From real estate agents, appraisers and property managers to consultants, insurance agents and doctors, there is a plan that is specifically designed to cover the risks you meet on a daily basis. While the premium of your errors & omissions insurance contract will vary depending on the risk you pose to the insurance company, the cost for the annual policy is well worth the amount of protection it provides.

Take a proactive step to protecting yourself and your business and consult an insurance professional for e & o insurance quotes today. With policies that can be bound at the time of application, you will have immediate peace of mind in knowing you are protected in the unfortunate event you make a mistake that costs your customer money.

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