Protecting Your Business Against the Unknown
Everyone makes mistakes, even though no one likes to admit it. If your mistakes have the potential to impact you business, professional risk insurance is an investment you should make. Appropriate coverage can protect you in the event that something you do, or fail to do, has a financial effect
Errors and Omissions
Professional risk or liability insurance is often referred to as “errors and omissions” insurance. It exists to provide protection when you do something you shouldn’t, or fail to do something you should. Professional liability will protect you from civil claims of:
- inaccurate advice
- violation of good faith
Professionals in industries like information technology, banking, law or real estate can all benefit from this kind of coverage. As the list makes clear, any time your business decisions can affect the property and resources of a client, errors and omissions can have costly implications.
Good Faith, Bad Choice
All of the types of claims listed above are risks in professions where unknown factors and conditions can affect the results of your clients’ choices. A good faith offer of advice based on incomplete or inaccurate information can go wrong. A decision made in one set of market conditions may look quite different in another. Professional risk insurance reduces the likelihood that circumstances beyond your control will jeopardize your business and your future.