Operating a business means being able to think ahead and plan for any potential problems that might arise at any given time. While you can’t predict the future, per se, you can definitely use data and experience to put together an insurance plan that will cover all of the biggest risks that organizations in your industry encounter. For many businesses, errors and omissions can be the root of a plethora of problems that range in severity from minor to catastrophic. To stay safe, you need insurance meant to cover these risks.
The Ins and Outs of E&O
The first step to take when it comes to errors and omissions insurance is determining your overall E&O exposure. This means you need to take a step back and consider how likely it is that a claim will come in against your business in this capacity. Organizations that conduct a good chunk of daily operations via written or digital communication, for example, will definitely require E&O coverage to ensure a minor omission doesn’t lead to severe troubles. Other insurance areas to think over include:
- Directors and officers coverage
- Workers’ compensation policies
- Commercial auto liability plan
The Right Way To Assess Risks
The more you know about your risks in relation to errors and omissions, the easier it becomes to find coverage that exceeds your expectations. Assess the hazards you may face in this regard, look over your policy options, and take action right away.