Error and Omissions Insurance - Don’t Leave Yourself Exposed!
Mistakes happen everyday. But what happens when one mistake ends up costing you thousands of dollars?
Your reputation, and that of your company, could be at stake. In fact, the very survival of your business could be at risk!
At Mackay Insurance, we focus on protecting you, your reputation and your livelihood. But it is up to you, the business owner, to manage these threats and their potential risks.
That’s why we encourage all business owners who provide a professional service to get Error and Omissions Insurance. This form of liability insurance protects small businesses, employees and professionals. Giving them much-needed peace of mind and financial protection.
What is Error and Omissions Insurance?
As a professional, it is your responsibility to perform your service(s) to the very best of your ability. If you have failed to perform a service, your client could file a legal claim against you and your work.
Error and Omissions Insurance can help protect your business from the potential financial ramifications of this claim. Including the legal fees associated with defending your business in court.
What Coverages Are Included?
1. Attorney Fees.
Attorney fees can cost from a few thousand dollars to hundreds of thousands of dollars. Your Error and Omissions Insurance policy can help cover these costs up to the policy’s limit.
2. Settlements and Judgements.
Settlement refers to the settling of your client’s claim(s).
Judgment refers to an amount a court requires you to pay.
Both of these are covered, as long as they are within your policy’s limit.
3. General Court Costs.
Court costs can include filing claims, preparing documents, witness attendance fees, postage etc.
These court costs are also covered, up to your policy’s limit.
Note: Even if you are not guilty of making an error, the legal costs of defending your business in court still exist. And these costs can be extensive! Having professional liability insurance in place is a vital risk management strategy. One you can’t afford to overlook.
What does an “error” or “omission” actually look like?
Examples of “Errors” and “Omissions”:
- Accusations of Negligence
- Misrepresentation
- Inaccuracy
- Undelivered Service
- Mistakes
- Oversights
- Missed Deadlines
- Misstatements
- Misjudgements
Should Your Business Invest in Error and Omissions Insurance?
Regardless of your industry, if your job involves providing advice, check if you should have professional liability protection. As mentioned earlier, mistakes happen every day. But without the proper coverage, these mistakes could lead to extensive financial loss. Even bankruptcy.
Businesses That Should Invest in Error and Omissions Insurance:
- Accountants
- Engineers
- Consulting Companies
- Project Managers
- Advertising Firms
- Designers + Creatives
- Journalists
- Lawyers and More!
Even insurance brokers must have professional liability protection!
Get an Error And Omissions Insurance Quote from Mackay Insurance
A lot of business owners have a general form of business liability insurance. This protects their business against injury claims, property damage and some types of financial loss. But what happens if you make a poor decision, forget something or make a mistake that causes harm down the road?
Nobody is perfect and mistakes are inevitable. But allowing a small mistake to jeopardize your entire business is not an option. Learn more about our professional liability packages today!
Don't leave yourself exposed! Contact your Mackay Insurance broker in Belleville or Napanee.