Ohio state law does not require companies to carry commercial insurance, but it is a decision many business owners decide to make. This is because it can provide indemnity against a variety of situations, keeping firms from losing money when unforeseen circumstances occur. Errors and Omissions insurance can sometimes be a part of your commercial insurance, depending on the type of service or product you are offering.
What is Errors and Omissions Commercial Insurance?
E & O insurance is there to protect Twinsburg, OH residents in instances where mistakes are made. This can include oversights by staff, management, or business owners, and it can cover things like the advice given that leads to problems for your clients. It can also protect you from incurring costs related to typos that may lead to an incorrect sequence of events, for example, if a wrong shipping date was keyed in somewhere.
E & O insurance, in many instances, is a requisite for certain contracts, meaning that clients may choose to only do business with those who have this coverage. This can especially be true when negotiating large jobs that involve large sums of money. For a claim to be covered, you must have both had the coverage at the time of the incident and when the claim was filed. Certain professions may be required to carry E & O insurance, and your insurance agent can go into more detail about this with you.
Quest Financial and Insurance Services is Here to Help
Contact us at Quest Financial and Insurance Services, and we will be glad to answer any questions you may have about errors and omissions commercial insurance. We serve customers living in and around the Columbus and Twinsburg, OH region, and we look forward to doing business with you.