Errors & omissions insurance can help your business overcome plenty of issues that could arise, and save some headaches. As a business owner, if you aren’t familiar with errors & omissions insurance, you should be. Primarily if you work in an industry with risk factors, it’s essential to understand how to protect your business. Here are some things you need to understand about errors & omissions coverage to help you decide if it’s the right choice.
What To Know About Errors and Omissions Coverage
No business is infallible, and mistakes in some industries can be financially devastating. Errors and Omissions insurance can help just that reason. Also referred to as professional liability insurance, it protects you and your business in case of a mistake or problem.
Why You Should Consider Error and Omissions Insurance
Now that you know what errors and omissions insurance is, it’s essential to understand why you
might need it. Errors and omissions coverage can shield you and your business against all sorts of risks. These risks can include oversights or mistakes in your business practices, failure to deliver as agreed or a missed deadline, negligence, and breach of contract.
Suppose your business is facing claims of any of these things. Likewise, your errors and omissions coverage will pay for the legal costs, court fees, settlement, or judgment amount. Additionally, it may assist with any damages or other expenses awarded or incurred.
Who Can Benefit From Error and Omissions Insurance
If you are still wondering whether errors and omissions coverage is right for you, consider the
industry you work in. If your company faces high legal claims or regulations risks, you should view an errors and omissions policy.
Accounting, financial planning, investments, insurance, and other financial industries are some of the most common industries that benefit from errors and omissions coverage. In addition, construction, remodeling, and real estate professionals should consider these policies, too. Not only that, but IT professionals and appliance repair technicians should consider it. One industry many people don’t think of when it comes to Errors & Omissions Insurance is the food service industry. For businesses like custom cake bakeries, it is a crucial insurance investment. With the risk of food poisoning, a cake collapsing, food allergy exposures, and even injuries from cake support structures, bakery owners, cottage food bakers, and other food service professionals should consider errors and omissions coverage.
Many industries can prosper from errors and omissions coverage. No matter what field you’re in, if there’s any chance of professional liability exposure, you should consider investing in errors & omissions insurance to protect yourself, your business, and your employees. Liability claims can be financially devastating to your business without this protection, so be proactive about your investments.
For more than 65 years, Provident Protection Plus has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.