Fairfax, Virginia (webnewswire) February 12, 2019 – The Fairfax health insurance brokers at BBG Broker recently published a blog explaining the purpose of E&O insurance policies and why certain businesses should carry it. Certain industries require it, but it may be beneficial even for those that do not.
E&O, or errors and omissions insurance, is a type of professional liability insurance. It protects companies and their employees against claims made by clients regarding negligent actions or inadequate work. Depending on the policy, it may cover claims made against temporary employees and work done before the policy was purchased. Most policies will cover costs associated with legal fees, including attorneys and settlements. Typically, E&O insurance does not cover intentional harm, illegal actions, employee injuries and lawsuits, or property damage. However, other insurance policies are available to help pay for employees’ injuries or property that may have been accidentally damage. Thoroughly review your E&O policy to determine your coverage and understand your options in the event of a lawsuit or other claim.
Depending on your industry, you may be more susceptible to lawsuits related to errors and omissions. Attorneys, medical professionals, and contractors working on government projects must have E&O insurance, but financial professionals and business advisors may also find this type of coverage helpful. Without a comprehensive E&O insurance policy, your company may find itself responsible for high legal fees that could significantly damage its financial standing and make it difficult to continue operating normally. Insurance helps cover these expenses so that your business and personal finances remain protected despite the financial strain of settling claims.
Speak to the business insurance brokers at BBG Broker for more information and to determine if your industry requires or recommends E&O insurance. BBG provides free consultations designed to help you understand your insurance options and select the best policies for your needs. The firm can provide custom insurance packages and may also be able to assist you with retirement plans, executive planning, HR, and compliance. BBG can be contacted online at https://www.bbgbroker.com/ or by phone at 844-201-3609. The firm is headquartered at 4069 Chain Bridge Road, Top Floor, Fairfax, VA 22030.