Benefitting From Errors and Omissions Insurance

errors and omissions insurance in Michigan

Any business faces risks entailed with lawsuits. If your company fails to provide a service, then a client or customer may sue, and this is where having errors and omissions insurance in Michigan will come in handy. For starters, having a comprehensive insurance policy will assist you greatly in covering legal fees associated with a lawsuit. Small businesses in particular are susceptible to being dealt a heavy hand when facing a lawsuit because they may not bring in the revenue necessary to hire really good legal help. Having insurance takes some of that burden off of you.

When going to court, there is always the risk that your business will end up losing and having to pay a settlement. Again, paying a settlement of any size can place an extreme hardship on your company. This is why it is best to simply pay whatever your rate would be on errors and omissions insurance in Michigan. With this kind of policy in place, you know exactly what you are paying month-to-month instead of having to potentially pay some unknown amount in the future. All businesses need to be insured, so talk with an agent in order to make sure you have all the coverages you need. With peace of mind, you will be able to operate your business effectively.

The Basics of E&O Insurance

Most insurance agents have clients whose companies face errors and omissions on a regular basis. E&O insurance is a great way to provide coverage for your clients in order to protect them from the gaps that are present in most general insurance policies. An E&O wholesaler can help you give your clients the coverage that they need.

 

How E&O Insurance Works

 

Covering the exposures of errors and omissions for many companies is necessary if they want to remain protected. E&O insurance can offer coverage for the following situations:

 

–          Judgments

–          Settlements

–          Defense costs

 

Without adequate coverage, many businesses have to face paying for these costs out of pocket, which can be very costly.

 

Who Needs E&O Insurance?

 

Depending on the industry of your client, E&O insurance can be called malpractice insurance or professional liability. There are several types of occupations that benefit greatly from the help of an E&O wholesaler, including:

 

  • Doctors
  • Chiropractors
  • Dentists
  • Engineers
  • Lawyers
  • Architects
  • Accountants

 

Some individuals can also use E&O insurance, but you should consider their levels of exposure before starting them on a new policy.

 

When you really want to serve your clients and provide them with the level of protection that they need, you should work closely with an E&O wholesaler in order to get the best experience, knowledge, and resources possible.