As a specialized professional, running your business can be a daily to challenge. Sourcing new clients, marketing strategies, ensuring your employees are content and feeling challenged, bills to pay and last but not least: making sure your current roster of clients are happy. And while you have probably made sure to protect your venture with a good business insurance policy … have you covered all your angles?
Also referred to as professional liability insurance, errors and omissions insurance (E/O Insurance) protects business professionals (i.e. doctors, accountants, consultants, etc.), whose clients could claim damages as a result of their negligence, flawed performance or an error in judgment. The unique aspect of this type of insurance is the fact that not only does it protect you and your business; it also is meant to protect your clients as well.
First and foremost, errors and omissions insurance covers you as a professional by shielding your assets and paying for any potential legal fees you would have to pay for if a client made a claim. This would also apply in the situation where the legal action turned out to be groundless. Alternatively, this insurance benefits your clients, as this type of coverage covers appropriate funds available to pay for damages incurred, should your professional services in some way cause a loss to them.
Do not confuse this type of coverage with general liability. Errors and omissions insurance protects you from financial losses due to errors you may make while doing your job. General liability insurance responds to claims of bodily injury or damage to the property of others, either at your business location or your client’s. Lastly, errors and omissions insurance is required by law in Canada for medical and legal professions, and is also sometimes required under contract by other businesses that use products or services.
Acumen Insurance Group Inc. is a full service, independent Insurance brokerage. Their enthusiastic staff of licensed insurance professionals are ready to provide you the absolute best solutions for your insurance needs. For more information, visit www.acumeninsurance.com.