Are your clients opting out of recommended coverage? A signed waiver can be an important part of protecting yourself and your insurance business. It requires a customer to acknowledge that they are declining important or vital coverage. Without one, if your client later needs the coverage they verbally declined, it could be hard to verify that you indeed offered the coverage to them at some point in the past. This could lead to a claim against you, and whether it’s valid or frivolous, defending against it would take money and time.
We help our clients understand their liability risks and take steps to reduce their risk of a claim. We also offer a competitive E&O insurance program designed to help them manage their professional liability risks. E&O coverage typically covers the cost of hiring an attorney, settlement or judgment expenses, bond premiums, and miscellaneous court costs, up to the limit of the policy. The coverage ensures you don’t have to pay out of pocket costs for the claims filed against you beyond any deductible.
While you should have E&O insurance to protect yourself and your business, you also need to review your policy periodically to make sure you’re well protected. Find out whether your business has grown or operations have changed before you renew and ensure the policy covers you for any new risks that might arise.
Remember that while your job is to help protect your clients, our job is to protect you. Most companies rely on General Liability Insurance to safeguard themselves from business liability risks. While this particular type of insurance covers your organization for losses stemming from property damage, medical expenses, and bodily injury to a third party, it doesn’t cover claims associated with negligence, under delivery, mismanagement, documentation errors, and mistakes. If your clients feel you were professionally negligent, they’ll likely turn to the courts. Errors and Omissions insurance covers the cost of these claims, even if they’re meritless. For information, please contact us at {{account:phone}}.