Are you a professional who works for public service? Then you need to have errors and omissions insurance for your own benefits. The insurance is for most major professionals like therapists, engineers, wedding planners, web developers, construction companies and more. The insurance covers all your errors which you might have caused due to your mistake, failure to do something or negligence. It would provide safety assurance in case the customer who is not happy with your service may sue you. So, there’s no reason why you shouldn’t make insurance. Let’s discuss it in detail.
What are errors and omissions insurance?
If you are a professional, there would be a lot of instances when you would make some blunders. But it’s not unnatural. After all, you are a human being. Humans tend to make mistakes. However, the people whom you provide the service may not be happy with it. In fact, they may encounter loss for your mistakes. So, it’s not uncommon to sue you. In those cases, you would need errors and omissions insurance.
The insurance is only for professionals who provide services to the public. The services include a lot of things like home building, physical therapy, yoga instructions and what not. The cost of insurance depends on the type of professional you are. You can check their website for more information. Where a yoga instructor may be required to pay $135/year, a paralegal should pay $450/year. All the things are covered in their policies.
It is not uncommon to be sued by the people of Ontario for delivering poor quality services. It may not be you, but even if the fault is one of your employee’s, you will have to bear the blame. So, additional coverage from errors and omissions insurance Ontario is a must have for your company.