As an expert in a particular field, it is upon you to ensure that the services you offer to clients are to perfection. This is because, if anything goes wrong as a result of your service provision, the client has no window or time for apologies due to the amount of money he has used to acquire that service. As such, professionals should take on an Error And Omissions Insurance. Error and omissions insurance is taken to cover claims occurring during or after service provision. Error and omissions insurance is therefore extremely important so as to avoid unnecessary or unwanted claims Error And Omissions Insurance.
Error and omissions insurance is usually customized to suit every professionals need in any trade. This means that an engineer, water technician, consultant or any other can acquire this type of insurance cover and have the details suit them. Professionals are advised to acquire an error and omissions policy as it encompasses claims that have been omitted in a general liability insurance package. This omission can greatly affect your professional standing in the event of financial claims.
The main distinction between general liability insurance and error and omissions insurance is the claims that are covered in the policy. For the former one, the insurance policy pays for grievances and asset damage due to the company’s carelessness. This policy normally concerns itself with physical injuries and property destruction. On the other hand, an error and omissions insurance is taken to cover against claims occurring due to an accidental error on the company’s side. This effectively means that the company did not make the mistake on purpose but rather the error occurred due to unforeseen circumstances. As such, they take care of financial and not physical damages.
Being aware of error and omissions insurance policy is extremely important to professionals as some claims can be made by a client which can cripple your company and force it out of existence. Information about this kind of policy can be obtained from insurance brokers as they are well informed on this type of insurance. Identify brokers who are affiliated to highly regarded companies. These companies will offer you the policy at a certain rate to cushion you against such uncertainties.
An error and omissions insurance is important as humans are prone to making mistakes. One minor slip-up can result to the loss of huge amounts of money either to you or the client you are offering your services to. To guard against this, acquiring this insurance policy is vital. In this way, your status as a professional is well guarded as well as your business property. Protecting your reputation and business property should be a priority since years of hard work were used to achieve them.