How can errors and omissions insurance save your small business?
Mar 28, 2017 // By:administrator // No Comment
We believe the maxim that unless you come out of your comfort zone and do things, you will not be able to create a revolution in your life. But, in doing so, you may make many mistakes. To protect your business from the mistakes, you have errors and omissions insurance to cover events happening because you are doing something new for the first time. Sensing a need in this category, many companies have entered this business.
Errors and Omissions Insurance Ontario is one such company. It provides its services to the small businesses in the city of Ontario. This type of insurance insulates your business from unwanted lawsuits filed by people who may be affected by your operations either directly or indirectly.
Purpose of errors and omission insurance
An errors and omissions insurance policy covers all those eventualities occurring as a result of your being into business. It covers you, your employees and your company as a whole from unwanted lawsuits filed by people who are directly or indirectly affected by your business operations. It covers the costs of litigation and arbitration that you may have to bear if such a lawsuit is filed against your company. Although, when you start your business, you may not feel the need for ensuring your business from such an eventuality, but as you grow bigger and start affecting many people, you will feel a need for this insurance.
Almost any business entity, however small it may be, is liable to cover itself against this eventuality because once it starts a business, it starts affecting people either directly or indirectly. For example, a writer may not acknowledge certain sources in one of her published articles leading to a lawsuit being filed on her, by those sources. In order to cover her liabilities towards litigation and arbitration to sort out this lawsuit, you have this insurance cover.
April 03, 2017