While every industry professional strives to avoid mistakes in their business practices, mistakes can and do happen every day. Some mistakes are minor and can be fixed, while others can lead to the loss of money for your clients, your suppliers, or other individuals who are links in your chain of business acquaintances. If such errors or omissions in your business practices lead to the loss of a large sum of money for another individual, you may find yourself facing an errors and omissions (E&O) lawsuit. Working with insurance agents E&O, you can better prepare to defend your business should an E&O claim be made against you. Understanding the following types of E&O claims may also help you to avoid a lawsuit in the first place.
Negligence and Inadequate Work
One of the first and most common types of E&O claims is negligence. When a professional in any industry displays a carelessness or disregard for their expected job duties, a client may feel that they were put in a bad situation due to the lack of regard by you or your employee. Avoid E&O lawsuits by taking pride in your work and offering each client careful attention to detail.
Along with negligence, some clients or associates may feel that your or your employees offered inadequate work on their behalf. Whatever their claims or concerns, being prepared starts by talking with insurance agents E&O to build a customized insurance plan to protect your business.