If you provide a professional service, you may have taken the precaution of obtaining liability insurance. However, to be more fully protected, you should consider the addition of an errors and omissions policy. What is errors and omissions insurance? Here are a few important facts to know about this type of coverage.
Understanding Errors and Omissions Insurance
Errors and omissions policies protect those who offer a professional service against claims of mistakes. If one of your clients believes that errors in your work led to a financial loss for their company, you could be hit with a lawsuit. Errors and omissions insurance protects you from bearing the full financial responsibility of such accusations.
Protect Your Business With Proper Coverage
This type of insurance allows you to run your business without worrying that a claim against you will deplete your business assets. Even if you never make a mistake, you might still need to defend yourself in a lawsuit. Errors and omissions insurance can help cover the costs of your legal defense. It will also pay damages up to a certain amount.
Get In Touch With a Specialist
Insurance policies are most effective when tailored to your specific profession. The right amount of coverage will depend not only on the services you provide, but also on the size of your business and the types of clients you work with. Work with an agent who specializes in this type of insurance if you really want to know, “What is errors and omissions insurance and how can it benefit me?” An experienced agent should be able to guide you to the right policy for your business.