As a business owner, you might be reviewing the different components of commercial insurance and feeling unsure about where to start. The following are some of the industries that benefit from errors and omissions insurance for full protection.
What is Errors and Omissions Insurance?
This type of commercial insurance covers scenarios where clients are dissatisfied with the advice or coaching they were given. In a court case, they might argue that your business provided misguided information or demonstrated negligence, causing them financial loss.
Which Industries Benefit From Error and Omission Insurance?
Any business that offers consulting or coaching for their clients should consider incorporating this policy into their commercial insurance. If your company is found guilty of negligence or giving bad advice to a client, this policy can cover the client’s financial losses that resulted.
- Consultants
- Accountants
- Wedding Planners
- Real Estate Brokers
- Insurance Brokers
- Life Coaches
- Financial Advisors
These professions provide a service for customers and often promise positive outcomes based on their services. If you work in one of these fields, you should consider including this in your business insurance for comprehensive protection if you’re liable in a court system.
Do Any Industries Require E&O Insurance?
In many states, errors and omissions insurance is mandatory for medical malpractice insurance for all healthcare businesses in that area. Even though it might not be required at the state level, some clients may request this as part of the business’s insurance policy before signing a contract and proceeding with business. However, there are no federal requirements for this insurance coverage.
If you’re a small business owner in the Spartanburg, SC, area, contact Allsurance Group today for a personal quote to obtain the policy your business needs.