Advantages of Errors and Omissions Insurance

Businesses have to handle a lot of different threats and need a variety of types of insurance, but one of the most important ones to have is errors and omissions or professional liability coverage. This type of insurance is designed to protect professionals from their own mistakes, which everybody makes from time to time. Here are some good reasons to get an errors and omissions insurance quote.

Making Mistakes

First of all, accidents happen to everybody. Whether there was an important fact that you forgot to disclose or a minor mistake made while performing a service, omissions and errors occur all the time. After all, nobody is perfect, not even the best professionals. No matter how good you are, insurance is important to have for those rare occasions when something does go wrong.

Financial Protection

Professional liability coverage helps to keep business running and keep companies financially sound. Lawsuits are expensive, and so is recompensing unhappy clients. Even if you have done nothing wrong, legal fees can be very expensive if you get sued, and some businesses have been financially ruined. Insurance helps protect your bottom line.

Peace of Mind

Finally, knowing that you will be covered if something does go wrong helps boost your peace of mind and keep your employees’ morale high. Getting an errors and omissions insurance quote is a great way to protect yourself, your clients, and your company from the small mistakes that make us all human.



photo credit: Lawyers’ Conference 9.21.12 (license)