Errors & Omissions Liability
Running a small company or being self-employed can be rewarding, but it is also a challenge. Even if you excel in your field and you work hard to make sure your customers are happy, mistakes can happen, and they can have a detrimental effect on your business. To protect yourself from lawsuits that could ruin your financial future, you will need to purchase Errors and Omissions liability insurance. Let’s have a closer look at what this is.
What Is Errors and Omissions Liability Insurance?
When they perform a service or sell a product, most people are always trying their hardest to satisfy their customers. However, mistakes can’t always be prevented. Sometimes, a client’s needs aren’t met, either because the professional in question made a mistake or because they inadvertently didn’t provide the service necessary. In such a situation, the customer can not only demand their money back, but they also have the right to sue the professional.
Without insurance, any business working with the general public is at risk of such a lawsuit. Fortunately, it is easy to protect yourself and your business’s future from harm. E&O insurance is the best way to ensure that you won’t lose your good reputation and your financial security should a client file a complaint against you.
Who Needs this Type of Policy?
Any business or self-employed individual who provides a service needs this kind of insurance policy. In fact, many companies require contractors and small businesses they work with to be insured. People who could benefit from E&O insurance include lawyers, wedding planners, doctors, those providing financial services, and insurance agents. Any time you work with other people, things can go wrong, so you need to be covered no matter what industry you work in.
How Can You Find the Best Policy for your Needs?
Now you know why this type of liability insurance is necessary, you might wonder where to find the best policy for your needs at a reasonable price. Although it may be tempting to simply choose the cheapest option, this isn’t always the best idea. Each policy is different, and you’ll need to select one that fits your individual requirements and covers all the situations that could arise.
In many cases, working with an experienced insurance agent is a good idea because they can help you find and evaluate various quotes. When you get in touch with your agent, they can take your current situation into consideration and find policies that are specific to your business. That way, you avoid putting yourself at risk or paying too much for your insurance.
E&O insurance is crucial for anyone running a small business or working in a self-employed capacity. It protects you if a client or customer files a lawsuit against you because you made a mistake or failed to provide them with a service and therefore caused them harm. Get in touch with us now at ISU Armac to speak to a highly qualified insurance agent. We can help you get a good deal and find the most suitable policies.