By: Michael Blake, Assistant Vice President, Alliant
Omissions, misunderstandings, misinterpretations, delays. They’re a part of every business. In addition to causing lost productivity and frustration, these issues can also result in costly claims. E&O, also known as professional liability insurance, can protect your business from liability stemming from providing or failing to provide professional services. As essential as this coverage has become, it is still under-utilized. Why? One reason is a general lack of clarity surrounding the coverage.
Here are some guidelines to point you in the right direction when you’re considering coverage:
- Know what you are getting – what are you asking for
- Size up your exposure – what do you need
- Know your coverage – what are you getting
- Customize coverage for your industry – does this cover your larger industry exposures
- Cover your back – make sure that the insurance you end up with covers your exposures