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What is errors and omissions insurance?
Edwards Insurance Agency
Errors and omissions insurance is a type of business liability insurance that protects your business against the costs of a client claim of negligent advice or service. This type of insurance covers the costs of settlements with a client as well as court costs and legal fees associated with a claim.
If your business does not carry errors and omissions insurance, you can end up paying out of pocket for any advice given that – even through no fault of your own – causes a client to lose money.
Typically, judgements in these cases are high-dollar and can easily wind up in the millions. If you don’t want to pay out of pocket for a settlement like that, errors and omissions insurance can keep your business and its financials safe.
Errors and omissions insurance is typically purchased by:
- Financial advisors
- Insurance agents
- Insurance brokers
- Wedding planners
- Engineering firms
- Construction contractors
- Anyone else that provides advice as a service
Examples of where an errors and omissions policy comes in handy:
As a financial advisor, you advise a client to purchase a certain stock. After the purchase, the stock prices takes a nosedive, and your client sues you.
As a lawyer, you represent a client at trial and they lose. The client sues you for negligence.
Why does my business need workers comp insurance?
In South Carolina, businesses with four or more employees are legally required to have workers compensation insurance. It does not matter if those employees are full time or part time, or if your workers are related to you. If you have at least four employees, you are required to purchase worker’s comp insurance.
Even if you don’t yet have four employees, the cost of purchasing workers comp insurance is far less than paying for an employee’s medical bills out of pocket. As we all know, a trip to the ER can cost upwards of $100,000, and long-term care can quickly escalate into millions of dollars. Workers comp protects you from losing your life savings to an accident at your workplace.
How much does workers comp insurance cost in South Carolina?
Workers comp insurance premiums are affected by many different factors. The best way to know for sure what you can expect to pay is to give us a call so we can give you an accurate quote.
What Our Clients are Saying…
Great team looking out for their clients. They are always available to give advice and point you in the right direction with your insurance needs! I know they have my family protected with the right home and auto coverage!
Great team looking out for their clients. They are always available to give advice and point you in the right direction with your insurance needs! I know they have my family protected with the right home and auto coverage! More content here more content here and more content here.