If you provide professional advice or services for a fee to customers in Fontana, CA, you likely need errors and omissions (E&O) insurance. Businesses offering these types of services are at risk of lawsuits if their actions or advice result in financial harm. Rock Hard Insurance Agency can help you understand how this type of commercial insurance policy can protect your business investment.
The Importance of Errors and Omissions Insurance
In today’s litigious society, E&O insurance is essential for protecting your business from lawsuits, even frivolous ones. This type of policy can help cover legal fees and settlement costs if a client claims your business caused an error or omission while providing services. Without E&O insurance, your company could face substantial financial losses and may even risk closure if a lawsuit is filed against you. Having an E&O policy provides peace of mind, knowing your business is protected.
Claims covered by E&O insurance include:
- Errors or omissions in provided services
- Negligence
- Inaccurate advice
- Misrepresentation
- Violation of good faith
Professions That Need E&O Insurance
Some companies may require you to purchase E&O insurance when entering into a contract. The most common professions that utilize E&O insurance include real estate, insurance, information technology, and tax preparation. Additionally, you should consider E&O insurance if you work in any of the following fields:
- Graphic arts and design
- Advertising
- Marketing
- Interior design
- Consulting
- Law
In some professions, obtaining an E&O policy may be necessary to secure or renew a license. The extent of coverage you need depends on the services you provide and, in some cases, the number of employees you have. Learn more about customizing E&O insurance to protect your business investment. Contact the professionals at Rock Hard Insurance Agency, serving Fontana, CA, to schedule an appointment.
