If you own a business that provides a service to someone at a cost, errors and omission insurance is definitely something that you will want to look into for your business. This policy will provide you with the coverage that your business liability insurance will not. While business liability insurance covers things like injuries and property damage, other things like human errors aren’t covered under something like business liability insurance. With errors and omissions insurance, your employees as well as yourself don’t have to worry about certain mistakes when you have this coverage in place, as errors and omissions insurance covers things like human errors and cases brought on your company for negligent acts.
Not only does this policy provide you with coverage, but it is usually customized to fit your business's individual needs. At Cobos Insurance we pride ourselves on tailoring policies to meet client's needs. No two businesses are the same and therefore no two businesses need the same coverage. For example, a company that works with metal products doesn’t need the same types of coverage as a company that builds houses, which is why professional errors and omission insurance and the fact that it provides customized coverage is so important. Professional errors and omissions business insurance for Ohio contractors and tradesmen is something that will work with your company to see exactly what it needs and will fulfill those needs however they can. It is definitely worth checking out if you want to make sure your business is fully protected.
Because most businesses produce a product or perform a service to a product, it is important that your company has the proper policy in place that will protect you in cases of damage, error/mistakes, etc. Faulty workmanship and negligence happen in just about every company. No matter how many interviews you put people through and how careful you are with who you hire, there are always going to be people who act negligently at times and sometimes end up damaging something or messing something up. There is also the case of human error. No human is perfect, which means that everyone makes mistakes sometimes and it is sure to happen regularly within business situations. This is why it is so important to make sure your company is protected by professional errors and omissions business insurance for Ohio contractors and tradesmen.
One example of a situation that you would definitely want to consider professional errors and omissions business insurance for Ohio contractors and tradesmen would be if your house-building company built a house and found out late that an employee of yours made a mistake while they were building the ceiling of this house. If the ceiling breaks, the family may try to sue your company for the mistake made. If your construction company has professional errors and omissions business insurance for Ohio contractors and tradesmen, then you would not have to worry about the financial losses, etc. that would have resulted from this. Things like this happen all of the time for those that are contractors and tradesmen or those that own these types of companies. It is better to be safe than sorry in these situations, especially because they do happen and when they happen, customers are usually not the happiest. This type of coverage will give you a peace of mind and ensure that you won’t take a huge hit if a mistake were to happen.
Another example of a real-life situation in which you would benefit from professional errors and omissions business insurance for Ohio contractors and tradesmen would be if your electrical company did the wiring in a brand new house and something went wrong. If, for some reason, your employees made a mistake with the wiring that caused a fire to start and the house to burn down, you would not be in a good position uninsured. You would likely have a good amount of lawyer fees and potential huge fines that could even put your company out of business if you didn’t have the proper insurance policies in place. If, however, your company had error and omissions insurance, you would have the safety of not losing millions and of not going bankrupt. Error and omissions insurance would enable you to feel safe and at peace always, knowing that your company is in good hands, even if mistakes are made.
To sum it all up, professional errors and omissions business insurance for Ohio contractors and tradesmen is important. Whether you own a construction business or a plumbing company, mistakes will happen. Mistakes will be made when building houses, sometimes mistakes that cause enough issues that a family may sue. Pipes may leak and ruin a cabinet after someone in your company made a mistake while fixing said pipe. Human error is one thing that you, as a business owner, can not really control, but with professional errors and omissions business insurance for Ohio contractors and tradesmen, you can rest easy knowing that no matter what mistakes are made, you have a policy that gives you coverage and allows you to know that your company is in good hands. It is important to note that every company is different and that every business needs to seek out the best plan for them individually. While this article will help you to understand errors and omission insurance, you will want to do further research and speak with professionals, like those on staff at Cobos Insurance, to find the best fit for your company.