The Importance of Errors and Omissions Insurance for Small Businesses
Approximately 12 million lawsuits are filed against small businesses each year. Tragically, even business owners in Southgate, CA who win their suits can suffer devastating losses due to the high cost of legal fees. That is why securing insurance for errors and omissions is always wise.
What is Errors and Omissions Insurance?
Errors and omissions insurance protects business owners against lawsuits stemming from allegations of negligence, substandard work, missed deadlines, and employee errors. This insurance covers the costs associated with hiring legal representation for your business in court. It can also cover settlements if the issue is resolved out of court instead of proceeding with a trial. Compensation is provided regardless of whether or not your business is found to be at fault for the issue at hand.
The insurance provider you choose and the amount you’re willing to pay for a policy will determine the coverage limits. Terms and conditions tend to vary between policies. Business owners need to remember that while errors and omissions insurance provides necessary coverage, it is not a substitute for other forms of liability insurance. It does not cover property damage or injuries to employees or third parties, nor doesn’t encompass incidents involving a business vehicle.
Contact ANA Insurance Brokerage Inc. for More Information
At ANA Insurance Brokerage Inc., we collaborate with select A+ insurance carriers to provide a range of excellent insurance options to business owners in Southgate, CA. We offer in-person and online services, providing expert guidance and personalized assistance to simplify selecting a policy that fits your particular needs and budget. Contact us to learn more or to get a quote for the policy of your choice.
