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August 24, 2022

Does Your Contracting Business Need Errors and Omissions Insurance Coverage?

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As a contractor, you may face lawsuits for a number of reasons, which is why you must carry at least general liability insurance for contractors. But it’s smart to carry additional errors and omissions (E&O) coverage as well. Here’s why you may need it and what it covers.

Who Needs E&O?
E&O coverage protects professionals in numerous fields and industries, including any type of contractor. If you provide professional advice or services to anyone, there’s the potential for mistakes, which means the potential for lawsuits. Claims against your professional work stemming from mistakes, faulty materials, miscommunication, and more can be covered under E&O insurance.

Why Does It Matter?
E&O insurance matters because unfortunately, no one is perfect and mistakes are made. If materials are defective, workmanship is faulty, or you make a poor recommendation or design plan, you may not have enough general liability coverage to resolve the problem. E&O insurance can prevent a minor claim from ruining your business.

How Will It Protect Me?
The risks for different types of contractors vary widely, which is why these insurance policies are carefully tailored for your situation. These plans are unique to your business and are meant to fill potential gaps between general liability claims and the specifics of your E&O policy. This can mean the difference between financially surviving a lawsuit or not.

If you’re ready to get your E&O policy, contact Koch Insurance Group today.

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