From financial security to time constraints, being an entrepreneur comes with many challenges, but also many perils. Any exposure means putting your reputation at risk. But with the right insurance, you can just focus on your business. The right business insurance means not necessarily worrying about slips and falls on your property, accidents, or making mistakes. Luckily, there are some key steps every business owner should take to keep their operations safe and secure. This blog post discusses the importance of general liability insurance and errors and omission insurance in your business.
What is Business Insurance?
Business insurance is one of the many important necessities to have when doing business as a business. Business insurance like general liability and errors and omissions can protect you from risks arising from running your own business. Other types of business insurance covers theft, property damage, and certain lawsuits.
What is General Liability Insurance?
General liability insurance is one of the most common types of coverage that businesses need to consider. This insurance covers third party claims resulting from bodily injury or property damage caused by your business’ operations. General liability insurance covers incidents involving other people or property without regard to fault. For example, if someone slips on a wet floor at work, slips on ice outside your storefront, your product malfunctions and causes damage, or you unintentionally damage someone’s reputation, general liability can help provide coverage for your defence. General liability insurance can be thought of as the layer of coverage for your business and includes coverages like bodily injury, property damage, reputation, product liability and advertising injury. Third-party property damage coverage is important for any business, regardless of its size or industry.
What is Errors and Omissions Insurance?
Combining errors and omissions insurance together with general liability insurance is one of the most important things a business owner can do to protect themselves. E and O insurance coverage pays for your losses due to negligent or unintentional acts or errors, competency issues, or negligence/errors by employees.
Errors and omissions insurance can affect companies providing professional services and is tailored to protect small and large businesses. It covers the legal liability for claims made against your business for work completed. This includes coverage for claims in areas like negligence, time delays, inaccurate advice, and forgetting details, among others. Even if they are experts in their respective fields, nobody is perfect. Architects, engineers, real estate agents, investment advisors, IT advisors, lawyers, therapists, and general consultants are just a few examples of professionals who need errors and omissions insurance coverage.
Errors and omissions coverages can help protect against lawsuits related to misstatements in contracts, but it also covers situations where a mistake could become costly for your company to resolve or redo the work.
Importance of Business Insurance
For added peace of mind, talk to the errors and omissions insurance experts at Ai Insurance Organization to ensure your E and O Insurance package provides comprehensive coverage that covers all these types of claims. Proper coverage means you will stay protected as your business grows and expands opportunities for exposure.
When in doubt, speak to one of our insurance experts at Ai Insurance Organization Inc. and get the certainty your business needs. Ai Insurance Organization is a leading provider of Errors and Omissions Insurance for a variety of businesses throughout Canada including Ontario, Alberta, British Columbia, and Nova Scotia.
Should you have any questions, please contact us using this form and one of our experts will respond to your request promptly.
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