When speaking with your business clients about their insurance needs, do you remember to include errors & omissions insurance options as critical components of their insurance packages?
More than 50,000 lawsuits are filed each day in the United States, bringing the number of lawsuits filed in the U.S. to more than those filed in every other country combined--and our litigious society doesn’t show any signs of slowing down.
Lawsuits cost money. Even if a suit is dismissed in the end, lawyer fees need to be paid, damage to the company’s reputation could lose potential clients and countless hours are wasted that could be better spent growing the business than preparing a defense.
Who Needs Errors & Omissions Insurance?
No company is immune to liability lawsuits. From one-person consulting companies to large multimillion-dollar corporations, every business should make sure they have enough protection in place to protect themselves against a lawsuit.
Some classes of business are more at risk for liability lawsuits than others, making errors & omissions insurance the perfect complement to their existing insurance packages.
Imagine installing a new system at a large corporation, only to have the system hacked and financial records compromised. Now imagine being held personally accountable as the individual who installed the faulty system. Tech professionals need E&O insurance to protect them from exactly these types of scenarios.
Whether your client designs a dream building or a simple office building, small mistakes can happen and lead to faulty structure. E&O insurance protects architects from losing their firm because of a tiny mistake that leads to huge financial loss for a client.
Lawyers know how litigious today’s society is, so it should be no surprise that they need to protect themselves against a lawsuit. Even if a lawyer plans to personally defend his firm against potential lawsuits, that time would be much more profitable if he spent it on billable hours instead!
Wedding planners need insurance too. What happens if she makes a mistake when scheduling a delivery or reservation date? Business liability insurance coverage can mean the difference between a small error and a catastrophic one for the small business owner.
As an insurance professional, be prepared to let your clients know exactly why they need E&O insurance to keep their businesses afloat.
For more information about technology E&O insurance, contact Maggie Hammett at firstname.lastname@example.org.
For more information regarding other E&O insurance, please contact Chris Boylan at email@example.com.