Errors and Omissions
Despite all efforts by a company or person to ensure a client is satisfied with the services provided, sometimes a mistake occurs that could damage an organization’s reputation and have a detrimental impact on the bottom line.
What is an Errors and Omissions policy? Well, consider the legal and economic ramifications if you’re a financial consultant facing an angry client who lost most of his savings on an investment that you recommended, despite his full knowledge of the risks. Imagine an unforeseen situation that results in a client getting hurt or his property being damaged. Those are the types of situations covered by an Errors and Omissions policy.
Errors and Omissions is insurance coverage that takes into account more than what is in the fine print of a contract. Such a policy takes care of items and situations not addressed by a general liability package. And while a general liability package can take care of property damage or bodily injuries, the financial loss, and the legal fees involving such claims (regardless of who’s at fault) can also play havoc on your economic performance.
Everyone from marketing companies and insurance brokers to real estate agents and engineers are prone to any liabilities surfacing from what seemed like a mutually-rewarding agreement. Any mistake made by your staff or circumstance that compromises your company’s high standards to the point where a client can make you subject to litigation is also covered.
For consultants, advisers or other companies offering professional counsel, errors and omissions are especially critical situations that could result in the loss of a great deal of credibility. Those professions are equally prone to situations involving new realities inherent with the information age, especially if a potentially harmful situation is unprecedented.
Regardless of what type of industry you’re in, whether you’re a freelancer or with a not-for-profit association, public entity, or privately owned company, McLean & Shaw has a broad range of expertise to customize a policy just for you.
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