When you look at the increase in lawsuits claiming negligence that affect professionals these days, it causes you to consider whether your firm is protected from such exposures. From real estate companies to appraisers, mortgage companies, and home inspectors, to IT consultants, accounting firms, law firms, medical billing companies, and many others, suits claiming alleged negligence or errors as result of work performed are on the rise.
These types of suits are not covered by a company’s Liability policy, and require separate insurance. It’s called Errors and Omissions insurance, and at Sinclair Risk & Financial Management, we can provide you with this much-needed protection to cover you or your company in a suit brought upon by a client for a service you provided – or failed to provide – that did not have the expected or promised results.
Basically, Errors & Omissions coverage provides protection for you in the event that an error or omission on your part has caused a financial loss for your client. Coverages include contract performance of your professional staff, legal defense, and judgments that may be lodged against you (including court costs), up to the coverage limits. Even if the allegations aren’t true, you could end up spending thousands of dollars just to defend the lawsuit. This can end up bankrupting smaller companies and having a negative effect on the bottom line of larger companies.
Don’t make the one mistake that can protect against mistakes.
Call Sinclair at 203.265.0996, email us, or return the form on this page to find out more about Errors & Omission insurance.