COVERING MISTAKES BIG & SMALL
No matter how much training you have, no matter how many years you have worked, and no matter how thorough you are, mistakes will happen. It’s not about your professionalism or abilities, it’s about human nature. Mistakes happen to the best of us, no matter how experienced.
The simplest clerical error or proofreading mistake (even made by a trainee) can cost you, if it results in financial loss or damage to the reputation of one of your clients.
Specialized Coverage for Your Business
That’s why it’s important to understand the limits of your business liability insurance—it only protects your operation against bodily injury, property damage or advertising injury.
But what happens when you, one of your employees, or a vendor fails to catch something that your customer doesn’t miss, and they hold you responsible? Not only may they refuse to pay, they may also sue you for damages.
But with an errors and omissions (E&O) insurance policy, you’ll enjoy specialized liability protection against losses not covered by traditional business insurance.
E & 0 faqs
If you’re in the business of providing services to clients for a fee—doctors, lawyers, accountants, architects, engineers, wedding planners, printers, building-trades contractors, mortgage and real estate services, designers, advertising agencies—if your service is possible to be done incorrectly or late, and it can cost your client money or harm their reputation, you need to investigate E&O.
Errors and omissions insurance protects you from claims in the event a customer or client sues your business for negligent acts, errors or omissions occurring during business activities, and which potentially result in a financial loss for the client.
Errors and omissions insurance policies usually cover the business owner, both salaried and hourly employees, and subcontractors working on behalf of the business.
Errors and omissions insurance can be customized to meet your specific needs, no matter what your business or industry. Real estate agents face different risks than printing companies, but both have potential to impact their customers lives and livelihoods if a mistake occurs.
Benefits of a specialized E&O policy may also include:
- Monthly payment options to help spread out your payments so you can better manage your cash flow.
- Past work covering unforeseen claims arising from work completed before you were even insured, back to a pre-agreed date.
- Worldwide coverage as long as the claim is filed in the U.S., one of its territories or Canada.
- Coverage tailored to the specific risks of your field and industry.
The Graham Insurance Difference
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.