Why Your Business Needs Errors and Omissions Insurance

information provided by Huntersure LLC

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.