Figuring out the various types of business insurance your company needs can be a hassle if you are new to the market. Some products, like general liability, are recommended so widely it’s easy to understand why your company needs them. What about other types, though? Insurance options like errors & omissions policies are often presented as useful to a far narrower range of customers than they should be. In fact, there are a lot of reasons to believe that E&O liability insurance is a necessity for just about every company.
E&O Coverage Across Industries
There’s a reason this coverage is also called professional liability insurance. That’s just what it is, coverage against risks you incur due to mistakes made by your employees. Employees often make mistakes when things get busy and the pressure goes up in your workplace, whether they’re actual errors in the execution of your processes that produce harmful results or simple omissions of information that mislead people. It’s human nature to make mistakes, and protecting your company means having insurance that is tailored to the real risks these errors could pose in any industry.
That means E&O policies for doctors are very different than the ones for lawyers, and both of those will be very different from what you might need as a construction contractor or retail business operator. That’s why you need to work with people who can create a policy that best suits the needs of your business.