There is an insurance policy for virtually every need and to first-time shoppers it may seem like some policies are redundant or simply unnecessary. Professional service providers shopping for insurance may not realize that skimping on insurance could cost them a lot in the long run.
Protection that you can Count on
Of all the insurance policies available to professionals, an error and omissions insurance policy is one of the most valuable. Here is what you need to know:
- E&O policies help absorb legal defense costs should you be named in a malpractice or negligence claim
- Most policies address the costs of judgment, defense, and settlements
- Your insurance may help cover the cost of damages awarded in a civil suit
- E&O insurance covers claims for inadequate work as well as alleged negligence
- This coverage may be required by an industry-specific regulatory body
As you can see, many of the most significant benefits that come from having a strong error and omissions insurance policy directly impact your bottom line. A reasonable investment is all it takes to purchase an invaluable form of protection. As your practice grows you will see just how useful having the correct insurance actually is.
Choose to work with an insurance company that specializes in creating the kind of policies you really need. A solid error and omissions insurance policy is going to help your practice stay strong.