Errors and omissions insurance can be essential for a manufacturing business in Florida. If your business needs Orlando manufacturer insurance, you should consider errors and omissions insurance an important part of your insurance policy. Errors and omissions insurance will cover any financial damages from litigation if there is any error or negligence in the design or manufacture of your products or parts. There are several types of negligence that might require errors and omissions coverage. This negligence could be a design flaw, material or component failure, a manufacturing error, an error in installation of the product, or even a failure to deliver the product as promised. These errors could cause your products to break and the failure of other equipment.
Errors and omissions insurance is different from liability insurance because an injury or accident happened because of your company made the product. The error in design or manufacturing makes your company becomes liable for the financial damages. General liability insurance usually only covers bodily injury and property damage and does not cover other types of losses. Errors and omissions insurance can cover the financial damages of your customer as well as your legal costs. An insurance professional can develop a policy for Orlando manufacturer insurance that has the right level of errors and omissions insurance for your business.