Errors & Omissions Insurance Insurance
Policies For Insuring Against Errors & Omissions
If your business is in one of the professional fields as diverse as accounting, architecture, attorney, broker, consulting, real estate broker, or one of the numerous fields that pertain to a Professional nature, having an Arizona Errors & Omissions insurance policy, also sometimes known as Professional Liability Insurance Coverage, is a very valuable part in protecting your AZ business should a claim be filed against it.
Obtaining E & O Insurance In Phoenix Arizona
By acquiring a Phoenix Errors and Omissions Insurance policy you are taking the first step to protect your company and employees against claims made by your clients for alleged negligent actions or inadequate work. Both court costs and any potential settlements may be covered by an Errors and Omissions Insurance policy up to the limits specified on your Scottsdale business insurance policy. In the world in which we currently conduct business, most business owners will tell you that any accusation of negligence or the failure to perform your company’s professional services are things that any professional services company can be sued for, even if it is just an allegation. Assuming that later on these accusations are found to completely untrue, what do think the potential legal bills will be just defending your company?
An Arizona Professional Liability Policy is designed to help cover the cost of potential damage awards associated with this type of liability claim and for defense costs, which, in some cases, can run into thousands of dollars. Please be aware that almost every business that provides a service for a fee will have some Mesa E & O exposure. In your business plan, have you considered just what the consequences would be if the service your business provided is not performed correctly and/or in the agreed time frame and it ends up costing your client a monetary loss or in some way harms their business reputation?
If we look at this realistically, we know that at some time in the course of business an employee or owner will make an error. Even if your business has implemented every safeguard you could think of, mistakes happen to the best of people, and one thing for sure is that mistakes can happen at one time or another. Additional companies that should consider a Tempe, AZ E & O Liability policy are: advertising companies and media companies, wedding/party planners, and web design/hosting companies, to name just a few of the hundreds that should consider this type of coverage.