Are you wondering if you need errors and omissions insurance in Torrance? As a new business owner, it can be a bit of a challenge determining your exact insurance needs. With so many coverage options available, working with an experienced agent is your best bet at getting your business protected. In the meantime, here’s what you should know about E&O insurance.
What is E&O Insurance?
Also known as professional liability or malpractice insurance, E&O insurance protects your business in case a customer claims that your services caused them to experience a loss. This can range from a downturn in health to financial losses. Whatever the reason, your E&O policy will be there to cover any fees for which you are found liable.
Should You Get E&O Insurance?
It’s not always required to carry errors and omissions insurance in Torrance. Except for medical practitioners and a few other professions, it’s usually an optional coverage. However, even when it’s not mandated, it’s a highly recommend coverage for all professional service providers. Examples of business owners who should carry E&O insurance include:
- Interior Designers
- Business Consultants
- Mortgage Brokers
- Technology Consultants
- Real Estate Professionals
- Legal Professionals
Carrying E&O insurance is more than just another business expense. It’s vital to keeping your business protected against potential lawsuits regardless of their legitimacy. An experienced agent can help determine the level of coverage you need based on your industry.