Errors and omissions insurance is critical for any business that offers professional services to clients. Because it can be devastating for a small business to pay costly legal fees and settlements out of pocket, E&O coverage will protect your investment. Knowing the type of risks you face helps to determine the best coverage for your business.
In What Situations Will E&O Insurance Protect Your Business?
An E&O claim can be filed for a variety of reasons.
- Improper documentation or miscommunication – Failure to adequately communicate essential information to clients in writing can result in claims. Nothing should be assumed, and paper copies of every signed document should be retained in case there is a discrepancy later on.
- Breach of duty – Your clients expect and deserve to receive the services or goods they have purchased in a timely manner. Failing to meet the agreed-upon timing can result in a breach of duty.
- Misrepresentation of your company’s qualifications – Being untruthful will only hurt your company’s reputation in the long run. Be honest and upfront about the capabilities of your business.
It is the goal of every successful business owner to run their business with honesty and integrity, but misunderstandings can happen. E&O insurance is critical to protect you when you need it most.
Anyone who has worked in the movie industry can probably tell you some amazing war stories. As spectacular as the end product can be some of the unexpected accidents involved in filming can be just as spectacular, but not in a good way. Sylvester Stallone spent nine days in the ICU after being punched in Rocky IV. George Clooney fell from a chair while filming “Syriana” which resulted in a severe head and spinal injury. And during the filming of “The Passion of the Christ” Jim Caviezel was actually struck by lightning. Anything can happen during filming, and this is why you need to have video production insurance.
Types of Video Production Insurance
Some of the most important types of film-related insurance you should carry include:
Errors and Omissions
Depending on what kind of video you’re producing you might need additional coverage. If you use any type of vehicle during filming you will definitely want automobile liability and collision insurance. If you’re traveling internationally you will certainly want travelers insurance. Filing abroad opens up a whole world of potential risk and liability. Keep in mind that most underwriters will want to conduct a site visit and read the film script before they offer coverage, so be prepared for that.