Running your own business or landing your dream job can be a fulfilling accomplishment. It can be gratifying to be able to use your expertise and skill to help others and, of course, make a living. However, what happens when there is a disagreement about the quality of your service or there are supposed damages resulting from your work? Regardless of who is truly at fault, settling these disputes can be costly and time-consuming. Luckily with an E&O policy, you can be protected in these types of scenarios.
Who Needs Coverage
Many businesses rely on insurance as a safeguard to any potential exposures they may have. Depending on the type of industry, this may include errors and omissions. The types of professions that typically require this type of coverage include:
- Medical Staff
If a mistake on your part has the potential to be a costly fix, it is likely you will be required to have an E&O policy.
Even if you don’t have a say in whether you have an errors and omissions policy, it does have many benefits. Having this protection in place often means your business can move forward more confidently with higher-paying clientele and more valuable contracts. It is indeed an investment in the future of your business.