When a client turns to your profession for advice or service, they expect a certain outcome. Unfortunately, if your advice is not up to your client’s standards, either intentionally or by accident, your business may be at risk. A lawsuit filed against you or your company can have real financial consequences, especially if you are just starting out. In order to protect your profession from these threats, whether or not they have merit, errors and omissions insurance is a type of insurance that can protect your profession, both legally and financially. Most errors and omissions policies cover judgments, defense costs, and any settlements that are ordered to be paid to a client.
The market for specialized services is growing every year. However, the more unique or innovative your business’ services are, the higher your risk for accidental error. Although all professionals should obtain an errors and omission policy, there are a few select industries that should definitely ensure that they have this type of insurance. As a rule you of thumb, you are more at risk if you are providing advice. Some of these businesses include:
• Medical Consultants
• Health and safety consultants
• Travel Agents
Any professional that provides their clients a service for a fee should obtain an errors and omission policy. Contact us at Noble Insurance today to find out more about this type of insurance and how it could benefit you.