It does not make a difference if you are an entrepreneur with a single owner small business with no employees or if you are in charge of a large corporation with hundreds of employees, the experts at Barbee Jackson Insurance are here to help you find the right price with the right coverage for you. This means finding an errors and omissions insurance policy that is specifically tailored to meet your unique needs.
The agents at Barbee Jackson Insurance will provide you with the assistance you need in order to make the most informed decision regarding errors and omissions insurance for your business. You get the benefit of our unbiased advice with the expertise to match you with the right errors and omissions insurance provider.
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- Restaurant Owners
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What Will Your Errors and Omissions Insurance Policy Cover?
As with many other errors and omissions insurance policies, a commercial errors and omissions insurance policy consists of a number of coverage types. Each of these coverages are designed to protect your specific business as well as your personal assets from devastating loss. Some specific coverage that you can add to your errors and omissions insurance policy may include:
- Professional Liability
This type of insurance is meant to protect your small business from a lawsuit resulting from an unfortunate decision made by you or your staff.
If you hold a professional designation such as a doctor, dentist, attorney, financial planner and etc. this type of coverage is essential to your insurance portfolio. Being a professional in a given field means that you are held to a higher standard of knowledge about your craft than non-professionals are.
When a client visits a doctor they have a reasonable expectation that the doctor has the appropriate knowledge to practice the type of medicine he/she advertises for. This is the same for a dentist, financial planner, attorney and anyone else that holds a professional designation.
If you hold one of these designations there may come a time when you make a mistake. For doctors the errors and omissions insurance is known as malpractice insurance. This is a form of errors and omissions insurance.
This particular type of errors and omissions insurance is in place to pay for damages to a client’s health, property, reputation, and etc. as a result of poor decision making or judgement by a business professional. It is easy to think of a scenario where a doctor or a dentist could cause personal harm to an individual as a result of a mistake. These things can happen in many different professions.
One of the duties of most financial planners is to advise their customers on purchasing life insurance. There have been situations in the past where a financial planner advises a customer to cancel a particular life insurance policy and purchase another.
In some of these cases the client would have been better off if they had stuck with the original policy. If it can be proven that the customer was given incorrect advice by a business professional that resulted in a loss of a monetary amount the professional’s errors and omissions policy could be used to pay for the client’s loss.
- Non-professional Liability
This particular type of errors and omissions insurance helps those small businesses where there is not necessarily a professional liability risk but there still exists the possibility that a mistake by someone on the staff could result in damages to a third party.
An example of this type of situation would be an insurance agent selling homeowner insurance to a client. If the staff member fills out the paperwork incorrectly this could result in an insurance company taking on a risk that they did not agree to. This can sometimes lead to a claim being denied.
If this happens it is not the fault of the customer. The claim was denied because of an error made by the staff member. If the damage to the property exists some one will have to pay for it.
In this situation the errors and omissions liability would pay out because the damage was a result of an error on the part of the staff. Without this important coverage the owner of the insurance agency would be left holding the bag
- Pollution LiabilityThis coverage is specifically designed for business owners and contractors that handle or transport hazardous materials. Hazardous materials are found in many different professions. Landscapers, Pest Control Companies, Car Haulers, Truckers that haul Fertilizer, and etc.
All of these types of businesses deal with hazardous materials. If there is a mistake made by the owner or employee that results in a spill the business owner will be held responsible. If you own a manufacturing company and it is discovered that the chemicals used to manufacture your products have been seeping into the groundwater the business owner could be held responsible. In all of these scenarios the business owner would need to have pollution liability coverage in order to protect them from damages.
- Employer Liability -This type of coverage protects the employer from damages resulting from the injury or mistreatment of an employee. This particular coverage can be purchased on a workers compensation policy as well as an errors and omissions policy. This coverage protects the owner if they cause harm to their employees in the form of sexual harassment, verbal abuse and etc.
Barbee Jackson Insurance Is The Clear Choice When It Comes To General Liability Insurance
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