What Every Business Owner Should Know About E & O Insurance:
While E & O insurance (Errors and Omissions Insurance) is not required by law, it is a policy that most businesses should have. This type of coverage will protect a business from lawsuits if an employee is perceived to have made a mistake or if he or she actually makes a mistake. Unfortunately, no business is immune to lawsuits these days. While some businesses and professions are more at risk from lawsuits than others are, every company or business can be sued for any one of a number of reasons.
All it takes is a small mistake to put a company out of business. Even a well-meaning, experienced employee can make a mistake that can have a serious negative impact on a client. A business that hires independent contractors can be held liable for mistakes made by the contracted agency. A business that operates without errors and omissions insurance is placing itself at risk.
When taking out E & O insurance, it is very important to be clear with the insurance agency so that there is no room for misunderstandings. The insurance agency that provides this sort of coverage will want to know everything about the nature of the business, how it is run, where it is located and how it does its work. While it can be tempting to modify the truth a bit in order to get a better price on the coverage, this is never a good idea. It can be in fact counterproductive, as the insurance agency will not provide compensation if the business has not been completely honest in some way.
A business that has errors and omissions insurance will not be easily ruined by a lawsuit. In fact, businesses with this type of coverage can often settle the lawsuit out of court, as the insurance company will provide a certain amount of funds towards the settlement. This provides a win-win situation for the business and the plaintiff. The business will not have to worry about negative publicity that nearly always results from a lawsuit, and the plaintiff will not have to handle a drawn out case that he or she may eventually lose.
E & O insurance is not just a nice form of coverage. It can mean the difference between success and bankruptcy. While every single business would do well to take out this form of coverage, some professions need it more than others do. Architects, doctors, dentists, lawyers, real estate agents, cooks, restaurants, caterers and psychologists are just a few of the many professions that would do well to purchase errors and omissions insurance. It is easy to make a mistake; one should not have to face bankruptcy for being human.
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