Professional Liability – Errors & Omissions Insurance
Times are changing and it seems that professionals are becoming increasingly subject to accusations of negligence or failure to perform professional services. Professional Liability – E&O Insurance covers you in the event that a client holds you responsible for a service your company provided or failed to provide. It also protects your client by ensuring that there will be enough money to pay for damages incurred if your services are deemed faulty.
Business is going great. You’re seeing record profits despite the tough economy. You’ve even just hired half a dozen new employees. Things are really coming together. And then it happens. One day, a certified letter arrives in the mail. You, and your company, have been named in a lawsuit, alleging that mistakes your company has made have cost X-amount of dollars in loss. It doesn’t matter what your business is or how much X-amount of dollars of loss really is. It doesn’t even matter if your company actually made any errors or caused any loss. The fact is that even a baseless lawsuit can bring a successful business to its knees.
Professional Liability – Errors & Omissions Insurance Policy
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Why is Professional Liability Important?
The high cost of a legal defense and the time away from the office dealing with a lawsuit can cost your business time and money that cannot be recouped. Even the most dedicated professional can become the target of an unsatisfied client or patient. Professional liability insurance is necessary to protect your business or practice from the litigious pitfalls that you may encounter in your business.
Business Insurance Types we offer Insurance DIY:
Health and Safety Advisors
Event Planning Insurance
Consulting Services Insurance
Errors and Omissions Insurance
Errors & Omissions insurance
Most other professionals, such as contractors, internet freelance designers, brokers and the like, carry insurance known as Errors & Omissions insurance. E&O operates the same as medical malpractice, providing insurance for your business against claims that may arise from the day-to-day performance of the job. Since many of the industries covered by E&O insurance may incur claims without triggering coverage by general liability insurance for bodily harm or physical damages, it is necessary to carry adequate professional liability insurance to help protect your business. Claims of negligence, breach of contract or violation of good-faith practices could result in substantial losses for clients, who often try to recoup those losses through claims against contracted service providers. This is where the professional liability insurance carrier becomes involved to help defend against such claims and to bear the brunt of the expense for damages.
Choosing the right carrier
Since the provider only covers the maximum benefit of each policy, it is important to thoroughly research the history of claims and awards in your industry. Like any shrewd business decision, selecting a carrier and policy limits for your professional liability insurance carrier should not be a choice made in a vacuum. Much of the research for the decision can be made online at a time that is convenient for you. Once you have determined the parameters for your coverage, you can begin to evaluate which insurance carrier works best with your business model and field.
How Do I Choose?
Selecting professional liability insurance is one of the most important aspects of any successful business. No matter how well you think you have prepared for the future of your business, there is no way to be certain what lies ahead. It is crucial to protect your business, your livelihood and your investment with insurance designed to fight for you in these inopportune situations. Focus on growing your business, and allow your carrier to protect your time and investment.