Errors & Omissions Insurance: Do You Need It?
Errors and omissions (E&O) insurance is a vital component of the complete insurance package for many of today’s thriving businesses — but, how do you know if your company needs it? Whether or not you should be carrying E&O insurance largely depends on the nature of the services that you provide. Most of us are familiar with the malpractice insurance carried by health professionals, and E&O insurance is not that different. E&O insurance is carried by businesses who have the potential to make errors (or omissions) that could open up the business to substantial liability. E&O coverage typically covers judgments, settlements, and defense costs associated with legal action arising from an E&O claim.
Who Typically Carries E&O Insurance?
Doctors, lawyers, accountants, architects, engineers, and other professionals carry E&O insurance as part of their standard insurance package. These professions require that practitioners protect themselves from mistakes that can happen from time to time, even to the best of us. Even if you are not working in one of the aforementioned fields, E&O insurance is beneficial for those in professions such as designers, event planners, caterers — basically any profession where an oversight or error could result in costly litigation.
OTC Insurance Can Help Select The Right Coverage
There are a lot of questions associated with E&O coverage, and your best resource is your professional insurance agent. Your agent can help select a policy that covers the specific exposures associated with your industry, ensuring that you’re paying for coverage that fits your needs. E&O coverage can be a complicated product, so an experienced agent is going to be your greatest asset in exploring this important insurance.
Contact us to discuss E&O insurance today or you can begin the application process by completing our online form here.
Mike S. from Halifax just saved $300 per year on his premiums by moving to OTC InsuranceDecember 10, 2009 continue reading...
OTC Insurance can help to reduce your Commercial Insurance premiums – we recently saved one business HRMDecember 10, 2009 continue reading...
OTC Insurance has saved it client’s 30% (on average) for Home Insurance during December 2009December 10, 2009 continue reading...
Let OTC quote your for your insurance renewals this year and save!January 26, 2010 continue reading...
Nova Scotians injured in a minor car accident are now going to be eligible for more money because the governmeApril 30, 2010 continue reading...
I Wonder How Many People Know About This: A 36 year old female had an accident several weeks ago and totaled hApril 30, 2010 continue reading...
What our Clients are Saying
Shortly after moving my business to OTC my car was involved in an accident and there was a dispute about liability. Fortunately, Jack was on my side. He was very considerate and professional. What was determined a closed case by the other parties was reopened because of due diligence.
Jack and his OTC team does an outstanding job. Many clients have expressed their satisfaction with the good value, price and service. I will continue to use their service, and they are part of a home buying team.