Whether your company is located in Las Vegas, Henderson, Boulder City, or anywhere in Clark County, NV and doing business in any of the following professional fields: accountants, architects, consultants, engineers, real estate agents, insurance brokers, attorneys, advertising agencies, web designers, consultants, or one of the many professional businesses that are out there today, acquiring a Las Vegas / Clark County, NV Errors & Omissions insurance policy, also known as Professional Liability Insurance Coverage, is a very important part in providing protection for your Las Vegas/Clark County, NV company should a claim or lawsuit be filed against it.
In acquiring a Las Vegas, NV Errors & Omissions insurance policy, you can protect your company and its individuals against claims made by clients for alleged negligent actions or inadequate work. Court costs and any settlements up to the amount specified on the insurance contract may be covered under an Errors and Omissions Insurance Policy.
Considering the litigious environment that most businesses operate in these days, there is a very high probability that your Las Vegas/Clark County, NV professional services firm will face a claim or lawsuit stemming from accusations of negligence or the failure to perform your professional services, whether or not it is just an allegation. Regardless of the fact that it may be determined that the accusations are totally without merit, you can imagine what the cost of the legal fees will be.
An Errors and Omissions Liability Policy is designed to help pay for damage awards and defense costs that come with this type of Las Vegas business liability claim, and as you are probably well aware, this can run into thousands of dollars. All firms that provide services for a fee will have some kind of E & O exposure. Consider this, what would the consequences be if the services your company provides are not performed correctly and/or in the agreed time frame, and this action costs your client a monetary loss or perhaps the client’s reputation is harmed by your company’s actions.
As we all know, someone, sometime, will make a mistake, no matter how experienced the employee is, regardless if your company has taken every safeguard there is known, that unfortunate mistake can and will be made at some point. As you can see, having a Las Vegas/Clark County, NV E & O Policy is a necessary step in protecting your company where the failure of the persons with your organization to effectively provide a service can result in a legal action against your company. Again, there are many professional companies that should strongly consider acquiring a Las Vegas/Clark County, NV E & O Policy, such as Event Planners, Web Developers, Property Managers, Community Associations, Travel Agents, IT Consultants, Commercial Printers, Management Consultants, Web Design/Hosting Companies, to name just a few.
To help your company decrease its insurance risk factor, it is possible to utilize a selection of preventive steps, including drug testing, certifications and training, good project management, and team coordination, which can limit your liability. Lowered claims can lead to a more affordable premium, and, additionally, the savings can be quite substantial with known loss experience and years of no claims or minor claims. If you would like to further explore how having E&O Liability Insurance Coverage can be a huge benefit to your company, please contact the experienced brokers at PJO Insurance Brokerage.