Insurance is a form of risk protection that people secure for all aspects of their lives—including their professional lives. It’s not everyone’s first instinct to seek professional liability insurance, though it works in risky situations. Doctors, small business owners, and even insurance agents themselves should all have an errors and omissions policy that covers their assets if they make a mistake while providing their services. These are the reasons why E&O insurance is important.
Mistakes Are Inevitable
We’re all prone to make a mistake or two in our professional line of work. A surgeon’s hand could slip during surgery and cause a damaging complication. A shop owner could forget to display slippery floor signage and receive a hefty lawsuit. An insurance adjuster could absentmindedly forget to render their complete services to a client who then takes them to court. The fact is that anyone could make an error in their business practice that leads to legal consequences. Errors and omissions insurance protects your career or business from irreparable financial or legal harm.
Lawsuits Are Expensive
Battling angry clients in court is expensive. Lawyer fees, court costs, and administrative bills add up—and that doesn’t even include the possible payout if you lose the case. Insurance is the most affordable route to go. An insurance company will cover these costs to varying degrees depending on your insurance type. Don’t leave yourself without support when facing financial ruin and legal agony; find an insurance policy that will cover your needs before something catastrophic occurs.
Careers Are Precious
Your professional career needs careful development and nurturing to grow and flourish; a career is vital to living a complete and whole life. Your professional life is precious to you, and you don’t want a misunderstanding with a customer or a lapse in attention to ruin your years-long effort. Errors and omissions insurance is the only surefire way to protect your career from ruinous consequences.
Knowing the reasons why E&O insurance is important can help you make the most of your career. For example, if you work in insurance, you should obtain an insurance agent’s errors and omissions insurance policy to protect your professional life for years to come. Have any more questions about E&O? Reach out to our team at Baxter & Associates today and speak with one of our insurance professionals today.