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Does Your Long Beach Business Need Errors And Omissions Insurance?
Errors and omissions insurance covers Long Beach businesses and professionals in
the event that a client holds them responsible for a service that did not have the promised results. In other words, E&O insurance covers your business for a service that you failed to provide or a mistake that you made (or that the client perceived you made) which caused a financial loss for the client. Since even lawsuits that are eventually found to be groundless can sap timeand resources and cost thousands of dollars to defend against, having a comprehensive errors and omissions insurance policy is critical to protect your business. Without E&O coverage, a judgment in the clients favor can bankrupt an individual or small business and have severe financial implications for large companies as well.
Who Needs Errors and Omissions Insurance?
Determining whether your Long Beach business needs E&O insurance is fairly straightforward: Are you a professional or a company that provides a service? If so, the answer is probably yes. Doctors, dentists, attorneys, engineers, architects, accountants, web developers, technology providers, commercial printers, catering companiesthe list goes on and on and includes companies in virtually any industry you can imagine. If you provide service to another business for a fee, you have errors and omissions exposure and therefore need E&O insurance coverage.
When Do You Need Long Beach E&O Insurance?
The sooner the betterpreferably when you start your business. Of course, its never too late to purchase errors and omissions insurance if you havent already. The first call you should make is to your Long Beach insurance agent, and you should be prepared to discuss your business, the services you provide, and the amount of coverage you need. Do your research to find an insurance agent that specializes in your area of business, as there is no such thing as
generic E&O insurance. Each policy is specifically written to fit the needs and exposure of an individual company.
Before you purchase an E&O insurance policy, consider the prior-acts coverage section. Some policies only cover claims made within the period of coverage. Others will cover claims that occurred prior to the start of coverage. Remember that there is no right or wrong errors and omissions insurance, but there is coverage that is more applicable to your individual situation.
We live in an environment where any professional or company can be sued at any time, making the need for errors and omissions insurance more important than ever. Regardless of the legitimacy of a client allegation, you would still have to pay an attorney to defend you and your company in the event of a lawsuit. One mistake (or perceived mistake) can damage your reputation, drain your resources, and literally put you out of business.
Learn more about protecting your business with errors and omissions insurance by visiting a Long Beach E&O insurance specialist at www.KellyWilliamsIns.com or by calling 562.498.8661.
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