What Does Errors and Omissions Insurance in Red Deer Cover?
Let’s say you’re a wedding planner and when something goes wrong with a certain delivery that affects the wedding, your client sues you for negligence.
Not only would that hurt your business reputation, but it can also drain your bank account if you don’t have an errors and omissions insurance policy in place.
Your professional liability insurance policy can cover the consequence of getting sued for damages due to a faulty product.
Not only that, but the policy can also cover all legal costs associated with the lawsuit.
A claim of professional negligence is made when your client believes that they did not receive the promised level of service or product.
If you’re a marketing specialist, for example, and your strategy does not deliver the return-on-investment levels that you promised the client, they can sue you for compensation.
In these cases, your professional liability insurance kicks in to cover all resulting financial loss and legal fees.
Media implications can include many things such as copyright infringement, libel, and defamation.
Magazines can sometimes use certain phrases to describe a celebrity or local figure that can result in that person suing for defamation or slander, for example.
Errors and omissions insurance can take care of these lawsuits by paying the settlement fee to the damaged third-party, as well as the legal representation.
Red Deer E&O Quote