Error and omissions insurance policy is a policy that covers your company when an error accidentally occurs as a result of the dealings or action of the company. As such, it goes that all types of businesses should acquire an error & omissions insurance. As in almost every policy, you need to acquire one hat is customized to your specific needs. This will ensure that the policy will cover you for a unique situation that may occur only in the type of trade and clients you are dealing with Error And Omissions Insurances.
Error and omissions insurance is branded in different names depending on the line of industry or trade. Also, the extent of coverage differs from one trade to another as applicable. Before acquiring an error and omissions insurance, it is imperative that you get information from an insurance agent so as to get the specifics about this type of cover.
It is important for business owners whether small or big to acquire an error and omissions insurance policy as a client making a certain claim will not care about the size of the business. This is because, for small businesses the financial repercussions as a result of a lawsuit will be felt greatly if an insurance policy is not in place to handle such instances. As such, whenever you are dealing with a client on a professional level, ensure that you are protected against unforeseen claims raised against you by the clients you are offering service to irrespective of the size of your business.