Does your Rocky Hill, CT business offer financial or health services? Do you work in an industry with a high incidence of lawsuits? If so, you’ll want to consider seriously purchasing an errors and omissions insurance policy.
What is Errors and Omissions Insurance?
Errors and Omissions insurance covers legal expenses and the cost of paying for a settlement or judgment if your business is sued for negligence. Claims could be related to an employee’s mistake, inaccurate or insufficient advice to a client, or failure to provide promised results. It also provides coverage if you fail to meet a deadline and are unable to fulfill the terms of your contract. For example, if you have a home inspection firm and a former client accuses you of missing structural damage in a home you were hired to inspect, your policy will pay out compensation regardless of whether you made a mistake or the damage occurred after your inspection.
What’s Not Covered by Errors and Omissions Insurance?
Errors and omissions insurance is designed to meet the needs of service-oriented businesses. Thus, it doesn’t cover property damage, bodily injury, or workplace injury claims. For example, if one of your workers has an accident because you didn’t adhere to OSHA guidelines, you can’t claim errors and omissions insurance compensation.
Get Help from Noble Insurance
Noble Insurance offers errors and omissions insurance, as well as other commercial insurance coverage options, to Rocky Hill, CT, business owners from all industries. Contact us to learn more about coverage options and get expert advice on picking policies that will meet your company’s needs.
