Errors and Omissions Insurance is essentially a type of professional liability insurance, designed to protect companies and their employees against claims of negligence, poor workmanship and even the consequences of a security breach.
Any business that provides a professional service, or offers professional advice to a client (such as lawyers, maintenance companies, contractors, consultants, financial advisors, insurance agents and even wedding planners), will no doubt face a substantial amount of risk. Those in the medical industry, such as doctors or dentists, will be all too familiar with these risks and have, in fact, their own form of E&O Insurance in malpractice insurance.
A common example: a client, though well-informed and fully aware of the risks involved, may elect to sue a financial advisor in the event of their investment taking a massive nosedive. In this example, the worst-case scenario would see the advisor or company held liable for millions in loss and damages, and the best-case scenario, would still have to shoulder costly legal fees.
The right Errors and Omissions Insurance policy helps to protect a business and its employees from such financial blows – and even possible bankruptcy – by covering the cost of legal fees, monetary damages, and more.
What kind of Business Need Errors and Omissions Insurance?
This type of Business Insurance protects your business against claims arising from your negligent acts or your failure to provide the level of advice or service the plaintiff expected.
At the end of the day, we are all only human and everyone can make honest mistakes. Business professionals such as architects, physicians, and computer consultants hold themselves out as experts in their field.
These individuals are expected to meet certain standards of care that prevail in their industry. In many industries, professionals are expected to act as a reasonable person would behave in a similar situation with equivalent education and experience. If these professionals fail to act in this way, they can be held liable for their actions, which could have detrimental effects on both a professional as well as the business.
Essentially, any business or professional that performs a service or provides advice in exchange for a fee should have Errors and Omissions Insurance.
How Can I Get The Right Quote For My Errors And Omissions Insurance?
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