Protect Your Business With Professional Liability Insurance in Indianapolis

People make mistakes, and in today’s business world most errors are unforgivable and land companies in court. It might seem a bit over the top to sue someone else for committing an error or omitting important information where needed, but those filing don’t see it that way. Doctors have malpractice insurance and contractors are licensed and bonded. For professionals, protection against such lawsuits comes in the form of Errors and Omissions insurance. If you offer a professional service to your customers, such as architecture, engineering or surveying, it would serve you well to add an additional layer of protection over your business with professional liability insurance in Indianapolis.

Liability coverage will shield you against negligence claims that allegedly caused the suing party financial damage by helping cover the expenses of your defense counsel among other things. Legal fees alone can be devastating to any professional firm, but smaller ones are hit harder in particular. E & O insurance will also protect your company’s assets and help to keep its reputation intact, which you’ll need to secure future business. Some projects require E & O coverage prior to signing on with the professional. If you already have professional liability insurance in Indianapolis, you’ve just opened the doors to more business opportunities for your firm while protecting it.

Types of Temporary Staffing Insurance

If you run an agency that places workers with corporate clients, chances are you see hundreds of resumes and conduct numerous interviews. It is easy to feel overwhelmed with the sheer number of applicants for the positions you are trying to fill. Many prospective employees are prepared to take temporary positions that may lead to permanent employment. The popularity temporary employment for both workers and clients has led to a significant rise in the involvement of staffing agencies, and it also makes the need for temporary staffing insurance more urgent.

You do not want to be held responsible for injury or damage caused by someone you placed with a client. To make sure this doesn’t happen, invest in temporary staffing insurance to protect you from various types of liability. A policy may cover bodily harm, damage to property, monetary loss and other problems. You may also find insurance that protects your agency in case one of your workers behaves abusively or engages in criminal activity.

The screening process is vital to ensure that every worker you place has the qualifications needed to do the job. However, sometimes there are unexpected events that can lead to mishaps. Make sure you have temporary staffing insurance so you can place workers with clients and have peace of mind.

 

How to Shop for Insurance

When it comes to shopping around for insurance in VA it can be a little stressful. There are so many coverage options and insurance agencies willing to help businesses with their needs. It can be hard to know where to start. With these three tips on what to look for, however, you can find the right agency for you in no time.

Look for Experience

Don’t settle for someone that hasn’t been at the top of their game for years. Some insurance agencies have been leading the way for many years. You don’t have to settle for anyone that isn’t experienced or specialized in your particular business needs.

Look for a Fast Quote

You don’t have time to wait around when you have a business to run. Finding insurance in VA is imperative to the life of your company. You’re not going to want to waste your time waiting on a quote when you could still be looking. Make sure that they offer you a quote quickly.

Look for Versatility

A firm that has many different specialties can help you in all aspects of your life. It’s good to be able to find a solution to all of your insurance needs in one place. If you’re looking for more than insurance for your business, then being able to find it at one firm can be convenient and beneficial.

Insurance shopping can be overwhelming. However, when you know what you’re looking for it can narrow down the search quickly.

Why Errors & Omissions Coverage Is Important

Many devastating lawsuits against professional firms are brought on the basis of a mistake by an employee. Errors such as accidentally leaving out important information from a form, failing to enter an important calendar date, misplacing a document or making an inaccurate calculation can all cause serious damage to the client, ranging from monetary loss to personal injury. Even if your firm has excellent employee training and anti-error protocols, there is no way to ensure that no mistake is ever made.

Other Policies Will Not Protect You

Some professionals, while acknowledging the seriousness of the potential consequences of a mistake, believe that resulting claims will be covered by their firm’s liability insurance. However, most general liability policies exclude professional services. Your own professional liability insurance may also not necessarily cover negligent acts or omissions by your non-professional subordinates, although your firm can still be on the hook when it comes to resulting damages.

Look for Individualized Coverage

The most effective way to protect your firm from loss due to claims based on errors and omissions is to select a dedicated Errors & Omissions policy to cover this particular scenario. Consult an insurance provider offering policies for Errors and Omissions in New Jersey to determine which is best for you. E&O policies can differ in scope and coverage, so it is important to chose the one that addresses your firm’s risks.

Covering Your Bases With Business Insurance

Businesses of all shapes and sizes come under attack from a huge number of threats each and every day. As an owner, it’s imperative that you have a plan to deal with the damage if these threats come your way. Austin commercial business insurance is an indispensable tool for owners in this area. This service provides your business with recourse in the event of an emergency or crime that results in heavy losses regarding your funds or assets.

The Physical Assets

Austin commercial business insurance covers your operations from a huge number of viable physical threats which you face inside and out of your location. These policies include options such as business auto to protect your vehicles and drivers and commercial property, which handles issues such as fire damage, weather damage and other similar issues.

Invisible Threats

Some of the biggest issues your business will face aren’t physical. Cyber attacks are growing more common, and crime is something business owners should always concern themselves with. Protect yourself from these and other threats by assessing your needs and purchasing the correct coverage for your business.

Regardless of the specific threats you face, there’s an Austin commercial business insurance option perfect for your needs. Getting coverage as soon as possible is always within your best interests.

Obtaining Staff Insurance From a Qualified Agency

As a staffing company, it’s important that you look into staff insurance. There are other types of coverage you’ll need as well, and your insurance agent can help you see where your risks are and how you can handle them. Staffing insurance is best obtained by a qualified agency for the following reasons:

  1. Experience – An insurance agency that regularly deals with staffing companies will have the experience needed to ensure you have the proper policy. They will generally monitor the industry to make sure they catch any emerging trends that need to be looked at. They also commonly track developments to come up with the perfect fit for your insurance services.
  2. Dedication – When you hire an insurance agent, you want someone who is dedicated to the work they do. A qualified agency will typically have a deeper commitment when it comes to ensuring you are covered against the specific risks you face.
  3. Products and Services – Doing business with a qualified agency often gives you an advantage in which products and services you receive. When you have a larger selection of coverage options, you are able to tailor the policy to the needs you have as a company.

Don’t trust your staffing company to any insurance company. Working with a qualified agency will help you obtain the staff insurance you need to find the most success in business.

Items Not Covered by Legal Liability Insurance

Most businesses would do well to obtain a thorough insurance policy to protect themselves when unforeseen circumstances present themselves. Law firms face unique risks, and therefore, it would be wise of every firm to obtain legal liability insurance in Austin. A good policy will cover a variety of claims. However, not everything will be covered.

Criminal Acts

Naturally, if a law firm is being sued for conducting criminal activity, then that firm would be unable to use their policy to cover legal expenses. This also includes fraudulent or otherwise dishonest activities.

Two Insured Employees at the Same Company

Your policy will cover everyone who works at your law firm from attorneys to office workers. If one employee sues another employee for whatever reason, your insurance policy would not cover both of them.

Other Exclusions

Additional items that are generally excluded from a legal liability insurance policy include:

  • Property damage caused by an employee of the firm
  • Bodily injury caused by an employee of the firm
  • Claims the firm should have foreseen when the policy was first obtained

Your insurance agent will go over your law firm’s policy in fine detail when you first get it so that you understand every last detail. While there are certainly plenty of exclusions, there are plenty of items that are covered, so acquiring legal liability insurance in Austin is definitely an investment worth pursuing.

What Types of Businesses Need Errors and Omissions Insurance?

If you’re in a professional services business, you could be vulnerable to a lawsuit that claims you were negligent in your work. Errors and omissions insurance can offer you protection against the consequences of these types of allegations. You might be wondering, “What is errors and omissions insurance, and am I in a business that needs it?” Here are some of the answers to that question.

What Is Errors and Omissions Insurance?

Errors and omissions insurance covers you if one of your clients holds you responsible for mistakes in a service you provided. This insurance will help you pay for your legal defense and the damages you may owe at the resolution of the lawsuit. Most policies will insure you up to a specific dollar amount.

Which Professions Benefit From This Type of Insurance?

Doctors, lawyers, accountants, engineers, IT consultants, real estate agents and mortgage brokers are among the professionals that can benefit from errors and omissions insurance. In short, any professional that offers services and might be sued for either real or perceived mistakes may need the safeguard of this type of policy.

What Steps Can You Take to Protect Your Business?

With the help of an insurance specialist, you can get coverage that is custom designed for the risks inherent to your services. Don’t settle for a generic liability policy since these can leave you vulnerable. Be proactive and get the protection you need to carry out your work with assurance.

Finding an Errors and Omissions Insurance Broker

Errors and omissions insurance helps protect companies against professional mistakes, and it’s an integral part of just about any insurance plan. If you’re seeking an errors and omissions insurance quote, then there are some things that you should be looking for in a potential broker.

Custom Coverage

A good professional liability coverage plan should be specifically tailored to you and your business. Industries as diverse as real estate, law, medicine, and shipping need to be covered with errors and omission insurance, and buying a generic plan will often not help to protect you when the problem is specific to your company, a good insurance broker will help you find a provider and plan especially for you.

Extensive Experience

It’s also important to work with insurance professionals who have experience. Brokers should be knowledgeable about their work, as well as the industry that you represent. Make sure that your broker has connections with others in the insurance world and can help you find the best provider possible.

Cost-Effective

Finally, a good insurance plan should help protect your bottom line. High premiums can be difficult to afford, and a good plan should help provide the coverage you need without breaking the bank. Make sure that your broker can help you advance your goals while saving money. When you’re looking for an errors and omissions insurance quote, pick a professional who can help you get the best deal possible.

 

 

photo credit: November 9th (license)