We all make mistakes.
That’s why you have Errors and Omissions insurance. Should you provide a service, or offer a client advice that backfires, your Errors and Omissions insurance will back you. In each of the cases, the company’s Errors and Omissions insurance covered the liable business, financing defense costs, settlements and regulatory penalties, when applicable. Consider the following real professional liability scenarios:
A tax firm gave inaccurate advice to a small business, which resulted in IRS fines and an audit exposure.
A clothing manufacturer inadvertently sewed incorrect care labels onto their garments and clothes shrank. The retail store chain selling the product sued them for numerous customer complaints and diminished sales.
A plumbing repair leaked and flooded the entire office.
Disgruntled investors were dismayed at their monthly investment returns.
How Can You Limit Your Exposure to Professional Liability?
When providing professional services or advisement, if you've failed to deliver as expected to the customer, you could find yourself facing a lawsuit. Watch to learn ways you can limit your professional liability, or errors and omissions exposure for your business.
