What errors & omissions business insurance is used for?
No matter the size of your business, be it a big company or a small shop, customers may claim that you have done something incorrectly, which caused them financial loss or harm.
What errors & omissions business insurance is?
Many business owners choose errors and omissions business insurance (E&O) to protect their business from different claims. This type of coverage works best for businesses engaged in services providing advice, recommendations, designs solutions, consultations, inspections, education, development, etc.
How does errors & omissions business insurance work?
Formalizing the working contract with your possible clients will help limit your liability. But still, the largest amounts of expense related to errors and omissions is the legal defense, required to prove innocence or liability. Errors & omissions business insurance policies are created in a way so that the business owner could cover his defense expenses and final judgment costs if he loses the case.