June 12, 2023 | Legal Alerts
What Every Business Should Know About Errors and Omissions Insurance
Errors and omissions insurance is another name for professional liability insurance. If your company provides professional services, you could be at risk when a customer is unsatisfied with the services they received from you or your company. Your errors and omissions insurance would protect you against claims of negligence, mistakes, and inadequate work. This is crucial coverage. Otherwise, a single lawsuit could bankrupt your business and force it to close. For that reason, many business owners view E&O insurance as insurance they cannot afford to be without. In fact, companies should err on the side of caution if they are in doubt about whether they need this type of insurance.