Businesses are constantly at risk for professional liability lawsuits, often in situations that are out of your control. If you or someone working in your business makes a mistake that harms another person in any way, it could be extremely costly to fix. Errors and omissions insurance is a form of liability insurance designed to protect your business from lawsuits resulting from a mistake made by your business.
A harmful error can occur in any business. Every transaction is an opportunity for a lawsuit. Errors and omissions insurance can protect you from paying the full cost of defense, which could otherwise potentially bankrupt your business.
Errors and omissions insurance can cover damages that you are responsible for as a result of libel, slander, copyright infringement, and more if the slander and infringement were not on purpose. While errors and omissions insurance is a type of business liability insurance, it may need to be purchased separately from standard general liability insurance.
No matter how prepared your business may be for preventing destructive mistakes from occurring, it is always a possibility. As a business owner, you are constantly at risk for incurring a liability lawsuit. In many cases, it may not even be your fault.
In either case, a simple mistake from you or an employee could leave your business suffering for a costly defense. How can you protect yourself and your business? With errors and omissions insurance, you will be covered from paying the full cost of a lawsuit defense.
Like most other types of insurance, errors and omissions insurance is paid for through premiums. These premiums are based on:
- The type of professional service you provide
- Your business's location
- Your annual revenues
- The number of service-providing professionals in your business
- Your loss/claims history
- The type of policy you choose
In professional business dealings, every transaction is an opportunity for an accident to occur, and every accident is an opportunity for a lawsuit. If you are a consultant, broker, or other types of professional, your accidents can cause financial harm to your clients.
Don't allow your business to fall to a mistake. With errors and omissions insurance, you'll be able to defend your business from bankruptcy and a poor reputation.
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