A step ahead – why businesses should invest in the indispensable Errors and Omissions coverage
Within today’s competitive and challenging economic landscape, Error and Omissions (E&O) insurance has emerged as a crucial safeguard for professionals across various industries. This specialized insurance coverage, also known as Professional Liability insurance, protects owners and employees against legal liability for claims of negligence or failure to perform their assigned duties adequately.
The professional services industry is extremely unique – from the vast number of professions to the distinctive risk exposures – there isn’t a one size fits all solution from an insurance standpoint. Despite diligent risk control measures, human error remains a possibility in any professional service; and where there’s a potential for error, lawsuits can follow. Whether well-founded or frivolous, lawsuits can result in costly legal fees that can be time consuming and disruptive with the potential to impact credibility and hinder operations.
Of course, businesses and professionals are looking to scale their operations and reduce their costs wherever possible, sometimes at the expense of lower E&O coverage. Brokers need to be a step ahead and educate their customers about the importance and benefits of this specialized coverage that transfers risk, especially during challenging economic times. No matter the size of the business, risk management needs to remain at the top of the priority list.
Just as customers rely on the expertise of industry professionals, brokers should rely on the specialized expertise of their insurers. It is important to have local presence across the country to understand provincial regulations, build strong relationships with regulators, and understand the unique landscape and risk exposures that professionals are faced with. As a leader in the E&O segment, Intact Insurance Specialty Solutions has a significant presence with experienced underwriting teams in the West, Central and Quebec regions, leveraging our local expertise and claims data to offer tailored solutions to our broker partners.
As the business environment becomes increasingly litigious, investing in sufficient E&O coverage is not just prudent – it’s indispensable. Taking a short cut with this coverage can have costly impacts, but having the right coverage based on your professional segment, risk, and growth plans ensure you are protected and positioned for long-term success.
Talk to your underwriter today to make sure your customers are a step ahead with their E&O coverage.
