What You Should Know about Errors and Omissions Insurance

17 November 2020
 Categories: Insurance, Blog

Even if you offer professional services and even if you have taken steps to protect yourself and your business, you might not have heard of errors and omissions insurance. Since this might be an insurance type that you have never even heard of, you might not really be able to imagine why you might need it. However, if you offer professional services for a living, you need to know certain things about errors and omissions insurance, including the things listed below.

1. It's Available for Different Industries

Errors and omissions insurance is not designed for just one industry, although it might be more common in some industries than others. Many professionals who offer services for other professionals have errors and omissions insurance. For example, this type of insurance is common for architects, freelance writers, real estate agents, tax preparers, IT professionals, and more. No matter what type of professional services you offer or what industry you are involved in, there is a good chance that errors and omissions insurance is a good fit for you and your business.

2. It Covers More Than Standard Liability Insurance

You might already have professional liability insurance, so you might not think you should purchase errors and omissions insurance. However, depending on the specifics of your insurance policy, there is a good chance that an errors and omissions policy could provide additional coverage that you don't already have through your liability insurance provider. If you aren't sure, you may want to double-check your policy to see what is and is not included. You can always purchase an errors and omissions insurance policy to use in conjunction with your liability insurance, or you might be able to purchase an errors and omissions rider through your existing insurance provider.

3. It Can Really Help Your Business During Bad Times

There is always the chance that you will not get your project completed on time or that you will make a mistake along the way. These types of errors do happen, but when they do, they can cause your business to be sued or can impact you and your business in other ways. Plus, they can impact your clients in a major way, too. Although you should obviously do your best to complete projects on time and keep your clients happy, however, you might find that errors and omissions insurance will really help out your business if something does go wrong. 

For more insight, contact errors and omissions insurance providers.