Although there are many ways to protect your company, some business owners don’t understand just how imperative a comprehensive E&O policy is. It’s impossible to predict every mistake and even seemingly minor errors can lead to problems. With thorough coverage, you will be prepared for these unforeseen incidents. If you have spent a lot of money and time making your business what it is today, you should protect it properly with all of the coverage you need.
Unfortunately, some companies don’t realize how beneficial high-quality E&O insurance is until it’s too late. Sometimes, the six-figure defense costs that can arise from a professional liability claim can damage or even destroy a company. Not only can an errors & omissions policy help take care of these costs, but a team of knowledgeable specialists will evaluate your business and current coverage to help ensure that you are protected properly.
Generic policies don’t always cover a company from these risks, which can leave business owners on their own when a mistake takes place. If someone else is financially impacted by an error or omission that your company is responsible for and they decide to file a lawsuit, you need to have an exceptional E&O policy. There is no way to tell when one of these mistakes could arise, so you shouldn’t procrastinate–contact a specialist today and have peace of mind knowing that you are prepared.