As with any type of insurance, it’s important to assess your needs before purchasing. Errors and omissions (E&O insurance) can be a little tricky to decipher because it all depends on how the client perceives the service your business has provided. E&O insurance is basically designed to protect your company from, obviously, errors or omissions—and since mistakes are inevitable, it’s an important type of insurance for any business to consider.
Who needs Errors and Omissions Insurance?
Any company that provides a service in which employees are responsible for assisting with the process should purchase it. Of course, we’d all like to think we don’t—and won’t—make mistakes. Unfortunately, they’re just a part of life. Because E&O insurance covers a variety of potentially devastating expenses, like court costs and settlements, it ensures that companies are fully covered financially. Even winning a settlement is enough to sink some businesses because they never recover from the steep lawyers’ fees. E&O insurance prevents such a situation.
To determine how your company can benefit from E&O insurance, consult an insurance broker from Peter Green Insurance. Our professionals can help you decide on the right E&O policy. Find out more by calling Peter Green today at (714) 258-2800.