No matter the business in question, allegations of wrongdoing can have dire financial consequences capable of devastating a commercial enterprise. This is especially true if these allegations result in legal action levied against the business, which includes steep fees for legal costs and the like.
Having reliable errors and omission insurance is essential to remaining protected from legal trouble incurred by claims of negligence or malfeasance. In addition to general insurance plans, these policies can provide coverage options for ongoing litigation, which can become extremely expensive over time.
What Does Errors and Omissions Cover?
Errors and omission insurance offers coverage for court costs related to claims of unsatisfactory services or products. This can include defense costs, as well as any damages awarded as a result of court proceedings. Because each policy is different, it’s important for clients to undertake a thorough to ensure their business’s needs are met.
What Other Polices Does a Business Need?
In addition to errors and omission insurance, clients should also considering adding onto these policies to ensure coverage is complete. Comprehensive insurance should include general liability, in addition to thing like directors and officers insurance, and coverage related to crime and theft.
The Right Policy Can Protect Your Business
A successful business should always plan for unexpected events. This includes having the right insurance plans in place to ensure your company can continue to perform vital daily tasks without obstruction.