Errors and Omissions Insurance Riverside Ca 951-789-9300 RTG West



Your local Insurance Agent at RTG West Insurance Services Temecula, Ca

Why do you need errors and omissions insurance?
If you have a professional services business, having errors and omissions insurance coverage can be an integral part of protecting your business. Accusations of negligence or the failure to perform your professional services are things that any professional services business can be sued for, even if it hasn't made a mistake.

You should seriously consider this coverage if your business:
provides a professional service.
regularly gives advice.
is required by its clients to have E & O insurance.

Who needs E&O insurance?
The best-known professionals who need E&O insurance are
 doctors,
lawyers,
accountants,
architects,
engineers, etc.
However, less thought about individuals range from advertising agencies to commercial printers, Web hosting companies to wedding planners. If you are in the business of providing a service to your client for a fee, you have an E&O exposure. You may want to consider what will happen if the service is not done correctly or on time, and it costs your client money or harms their reputation.

Why does my company need coverage?
To put it very simply, everyone makes mistakes. Even with the best employees and the best risk management practices in place, mistakes will be made. No one is perfect.

If a freight forwarder sends a shipment to South America instead of South Africa and it is a time sensitive shipment and their client loses a sale and, therefore, hundreds of thousands of dollars, who will pay the loss?

If a wedding planner reserves the reception hall, the band, the caterers, etc., for May 22 instead of May 29 and everyone shows up except the wedding party and guests, who pays? And imagine the emotional distress caused to the bride if this were to happen!

There is also the less tangible loss of reputation for both the professional and his client. What will the cost be to the business that now has equipment in South America instead of South Africa? Will they lose future contracts with their current client as well as future clients?

By not purchasing E&O a company can be taking a serious financial risk. These types of losses are not covered under a general liability policy. And, as stated earlier, even if you are not at fault, litigation is both time consuming and expensive.


Here are some steps you can take to mitigate claims:
• Always have a written contract that spells out what will be done, what will not be done and what the fees will be.
• Communicate throughout the job and keep the expectations realistic.
• Have quality control procedures in place and use internal and external audits to check them.

That’s why it’s important to discuss your options with a specialist at RTG-WEST INSURANCE SERVICES, INC. who can help you find the right coverage options for all your business needs.

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