Your company is considered at risk any time you do business with a customer or even with a vendor, did you know that? That isn't meant to scare you. Instead, it's meant to smarten you up and to make you more aware of the financial pitfalls that await you around every corner. Real estate agents are sued all the time against errors and omissions because of the ways those individuals choose to run their business. Sometimes a couple isn't satisfied with the service a real estate agent provided and what if they followed that agent's advice only to have the house sit on the market unsold for years at a time? That couple might sue the agent against errors and omissions for giving them bad advice and causing them to lose financially in the process.
What Type of Errors and Omissions Insurance is Right For You?
The only way to make sure your business is fully protected from financial risk is to have your errors and omissions insurance personalized. Whether you're an insurance agent, a real estate agent or some other type of professional, you never know when you're going to slip up or when a customer might allege that you slipped up. Regardless of the occurrence, you can't foresee every bad event and you certainly can't make every bad event better with kind words. Instead, you need a way to properly defend your company against these claims against your professional services. All industries are at risk, and legal fees, lawyer fees and settlement payouts can be quite expensive. Unless your company is rolling in dough, you may want to prepare for rough waters ahead, even if the sun is shining overhead right now.
Your Unique Errors and Omissions Policy
You can't just go up to your insurance agent and ask for errors and omissions insurance. Instead, you'll want to sit down with your agent and describe to that person what your business is trying to accomplish and who you do business with. Your agent needs to understand your business inside and out, as that's the only way a proper errors and omissions policy can be written. It sounds vague but it's a really complicated process that involves studying the organization and every facet to determine what types of claims could potentially be charged in the future and the policy needs to be written to protect the company against those types of claims.
Luckily, your agent will be well-versed in all the errors and omissions insurance paperwork and will be able to help you come up with the perfect policy for your specific organization. The perfect policy will protect your company from errors and omissions claims, but it'll also be completely affordable.
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