Give us a call at 1 (800) 590-7207 or (540) 400-6275. Do you have errors and omissions insurance? If not, you could risk losing your business. Accidents happen -- that's just a fact of life. But when those accidents occur due to negligence or mistakes, there can be major consequences.
Errors and omissions insurance protects a wide range of professions, protecting doctors, lawyers, engineers, and more from potentially life-altering lawsuits. Before it's too late, make sure that you're keeping your hard work safe by looking into errors and omissions insurance.
To learn more about this valuable form of insurance, including tips on who does and doesn't require coverage and what you should do if you already have errors and omissions coverage, make sure to check out this video.
And if you have any additional questions, or you're ready to make sure your business is well taken care of, make sure to click the following link to secure your E&O insurance today:
Video Transcript:
No matter what business you build or what industry you specialize in, there will always be risks that stand in the way of your path to success. These risks include honest mistakes that can damage your reputation or ruin your livelihood.
But such risks also include accusations of making an error and compromising your clients. Keep watching to learn how you can protect yourself and your business with errors and omissions insurance!
E&O INSURANCE IMPORTANCE
When working with individual clients, one of the best ways you can protect your agency is through errors and omissions insurance. It covers claims against negligent actions and inadequate work. Provisions under this coverage may include defective products, faulty services, delivery delays and failures that lead to financial loss for the third party.
There are many ways you can put E&O insurance to work. It serves as protection for a company or its workers against seemingly minor mistakes -- like missing a waiver of coverage or experiencing client miscommunication -- that may actually result in serious claims and catastrophic consequences.
Why wait for errors to occur before you think of ways to address or prevent them?
CARRIER REQUIREMENTS
Insurance policies are not created equal. Some E&O policies pay for defense expenses but not losses; some policies do not even pay for attorney's fees. For this reason, be mindful when selecting an E&O coverage policy. Some, like Aetna, Heartland, and Oxford don't require coverage. Meanwhile, other carriers like Lifeshield, Assurity, and Gerber Life do. Make sure to check your carrier's specifications.
GATHERING INFO
E&O Carriers provide different E&O policies based on each client's risk profile, priorities, needs, and concerns. The best way to find a policy that works is to gather quotes from multiple sources and have an agent explain the benefits of each one.
Of course, the agent must help look for policies that are most suitable and beneficial for each client's nature of business. Professions that require E&O insurance include lawyers, doctors, engineers, and accountants.
LOOKING FOR COVERAGE
The longer you go without an E&O policy, the longer you expose your agency and yourself to risks like professional liability claims. Cover all your bases by getting E&O coverage before you open your doors to insurance clients. Also, maintain an E&O policy for at least one year after resigning or retiring as an insurance agent.
This way, you stay protected from anything that may arise from your last year in business operations. If you already have coverage, regularly evaluate your coverage to make sure that you have the right type of protection for your current situation.
Have any questions about your E&O coverage? Get in touch today and let us help! If you enjoyed this video, make sure to like, comment, and subscribe.
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