Errors and Omissions Insurance in Glen Allen, VA
As a small business, providing dependable and consistent advice or services is a critical part of maintaining your relationships and earning new clients. However, even the most experienced and diligent organizations may eventually make a mistake. A slight miscalculation or lapse in attention could have significant consequences for your clients and customers, who may then file a lawsuit against you to cover their losses. Fortunately, an adequate errors and omissions (E&O) insurance policy can make all the difference.
What Is E&O Insurance?
Like most types of insurance, E&O policies function as binding contracts between you and your insurance company. By purchasing a policy and maintaining your coverage through premium payments, you may retain access to critical financial assistance following an accident or error that could otherwise incur high out-of-pocket losses.
What Does E&O Insurance Cover?
E&O policies may be customizable and capabilities and limitations may vary significantly among policyholders. Still, in most cases, this type of coverage, also known as professional liability insurance, may render financial aid in response to the following accusations:
- Inaccurate advice
- Professional errors
- Negligence
- Oversights
- Misrepresentation
- Omissions
- Missed deadlines
Who Is E&O Insurance Intended For?
E&O coverage should be considered a top priority for any company that provides professional advice or services to other parties. The financial security available through these policies may be of particular importance for the following types of professionals and businesses:
- Consultants
- Contractors
- Accountants
- Advertising and marketing agencies
- Architects
- Engineers
- IT professionals
- Real estate and property managers
- Health care professionals
Why Do I Need E&O Insurance?
Without an adequate E&O insurance policy, your organization may be vulnerable to significant financial losses. Accidents and errors may be inevitable regardless of your company’s diligence or dedication, and lawsuits could be costly. E&O policies may render financial aid, including for legal fees (e.g., representation, judgments, settlements and court costs). Conversely, if you lack sufficient coverage, you may need to pay for the aforementioned costs out of pocket, which could have particularly damaging ramifications for small businesses that may lack financial flexibility.
Get the Right Coverage
At Mequell Green Insurance Agency, we have over 25 years of experience serving businesses, families and individuals in the Richmond area. Our dedicated staff has the knowledge and expertise to assess your organization’s circumstances, identify available coverage options and assemble ideal policies. Contact us today to get started.