There are many industries that rely on the advice and guidance of professionals, but a mistake in that advice can cause severe financial harm to clients. That’s why there is E&O for consultants and advisors, so you can be covered if you or a member of your team makes a mistake and a lawsuit is filed against you.
How This Policy Can Help You
Claims can be filed against anyone who performs a professional service or offers professional advice, including accountants, tax advisors, financial consultants, and lawyers, to name a few. Some examples of claims filed against companies for errors and omissions during the course of work or services include the following:
Poor investment advice from a broker
A miscalculation performed by an accountant
Negligence during tax planning
Breaching the confines of a binding contract for any professionals
An errors and omissions insurance policy can help your business cover the costs that are associated with these types of claims. This includes legal fees, settlement fees and paying for witness testimonies, as the information provided by Huntersure LLC explains in greater detail.
An Insurance Policy That’s On Your Side
If your business provides professional advice, you need E&O for consultants and advisors. A single mistake, whether from negligence or basic human error, can result in heavy damage for your clients and your business, but this insurance can help you out.