Why You Should Have Errors And Omissions Insurance
Accidents and mistakes happen all the time in life as well as in business
. Unfortunately, sometimes a client or a consumer, although they may seem small to you, can make these mistakes, into a mountain of a problem. In the restaurant business, it could be something as small as forgetting to put onions on a hamburger for a particular order, although this may seem like a small error to the customer it is a big deal. Similarly, in the construction business if you are building a home or house for someone and perhaps you forget to include a window in a certain location this certainly is an error that will have a customer screaming. Errors and Omission insurance will help to protect your business or an individual in the event that a customer or client decides they want to take a stand against a particular area of work that was not performed or performed incorrectly.Contractors and architects even though they do not physically perform the work are still responsible and will be blamed for any errors in mistakes that occurred during the construction of a structure. Most people are aware that those in the medical field as well as dentists and chiropractors use this type of insurance extensively. However, it is important insurance to have for those in the building industry as well. Even though as an architecture or contractor you may have confidence in the individuals working on your job site you have to remember that you are solely dependent on these individuals to accomplish the job correctly with as few errors as possible.
It only takes one small mistake or error in judgment that goes unseen and you could find yourself in the middle of a serious situation dealing with a customer or client. These types of mistakes do happen frequently enough that it requires this kind of insurance. Most businesses do not have the financial means to pay for damages or construction errors that result from simple mistakes or omissions. Businesses should be prepared for worse case scenario situations and it is better to have errors and omissions insurance in place at the time an incident occurs rather than not having any type of protection to cover things that can go wrong.
Errors and omissions insurance is not just needed by large businesses, small companies or new companies, in fact every business owner should have some form of this insurance. If you are providing products or services for those in the private sector it is absolutely imperative that you have some type of liability insurance to cover the unexpected. There are several different insurance companies that you may have to choose from to find one that meets your needs for errors and omissions insurance. Many of them provide liability insurance and it is a simple matter to add this particular type of insurance to that policy. You should be sure that you know all the details involved before purchasing a good protection insurance plan for your company. Without errors and omission assurance, you stand the possibility of losing not only your reputation as a business but also financial assets if you find yourself on the receiving end of a lawsuit.
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