Errors and omissions insurance refers directly to businesses that offer professional advice. If a client feels that they were offered incorrect guidance, or they find that their advisor omitted information, they have the right to sue your business. This may happen even if damages to client were completely unintentional, and your business thought that they were offering the best information at the time. Responsibility may still lie on your business. Errors and omissions insurance can cover all negligence claims made against your business. Even if the claims are found to be groundless, your business will still need an errors and omissions plan to pay for the defense of your suit.
Errors and omissions insurance is important for these kinds of professions:
- Real Estate Agents
- Notaries Public
- Financial Advisors
- Business Consultants
- Construction Professionals
- IT Technicians
- Software Developers
Even if you are not in a profession listed above, your company may still need coverage. Everyone makes mistakes and it is a good idea to be prepared for anything that is unexpected.
While errors and omissions insurance may cover a majority of mistakes, your business may still need professional liability insurance plans to cover any other actions made by your business. Make an appointment with an agent to talk about what is covered in each plan and what your business needs to be fully covered when it comes to any civil lawsuits.
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