If you have a company or you are someone in business, you may want to think of a specific type of insurance policy, which could help you out in certain situations. Errors and omissions can be helpful when a client of yours points a finger at you because you may not have produced the goods as promised.
E&O Insurance can save you a lot of money and keep you out of the courts. This is particularly a good thing for doctors and dentists to think of having. You may have gone by the books as you usually do, but your client will be thinking that you have made a big mistake. They can easily turn this around in a court, and without the E&O insurance policy, you will probably suffer.
It can also happen that you may have made a mistake with a client in business. Deadlines are sometimes not met on time and this is another reason to have this type of insurance ready. This often applies to advertising agencies or printers who are working with a lot of clients. In some cases, it can happen that a company can go bankrupt as a result of not having one of these policies.
Of course, you may be thinking that e&o insurance may not apply to you. However, nobody can go through an entire career not making a single error. Sometimes, this is not even your fault. For example, you may be intending to send a parcel to a country. However, to your shock you find it never gets there and a customer may not even believe that you sent something since there is no proof. You are only human, and you need to think carefully about these factors.
Different policies exist, so you need to read the fine print and find out which is most suitable for your business or practice. Different rates, also obviously exist. You may need to look this through with a lawyer if you are not fully confident with the concepts or what you are looking for out of a specific policy.