If you own a professional services business, Phoenix errors and omissions insurance also known as E&O is an essential coverage in order to help protect your business for potential losses. Even if your business is regularly giving advice to clients then errors and omissions liability coverage will help protect your business in case you fail to render those services properly.
Included in errors and omissions liability coverage is the full cost of defending against negligence claim made by a client and damages awarded in a lawsuit. Many of these incidents occurring from client claims have costs many business owners significant financial loss and even the closing of their businesses. There is a misconception that your commercial general liability policy or business owners package insurance policy will cover the claims resulting from your professional services, which is not true.
Many of your clients may not understand all of the specific services in your industry which leads to the importance of a Phoenix professional liability insurance policy. We are only human and the possibility that your business has an errors and omission claim can be more common than you may think.
Most common businesses requiring errors and omissions coverage:
- Salon/Beauticians Services
- Real Estate Professionals
- Event Planners
- Assisted Living
- Technology, IT E&O
- Home Health Care
- Non-Profit D&O
- Corporate D&O
- And Many Others
Any individual in a profession that provides advice, expertise, recommendations, or a professional service to customers, clients, or another party then professional liability insurance in Phoenix would benefit you. Remember, if you fail to use the degree of skill expected, then your business can be held legally responsible for any harm or financial loss that they cause to another person or business. I recommend discussing your professional liability (E&O) and other business needs with a local Phoenix insurance broker at Smart Move Insurance, Inc. in Phoenix, Arizona. They have licensed insurance professionals available to discuss your insurance needs and concerns. Additional articles and blogs regarding these topics and much more can be viewed at www.smartmoveinsurance.com.