Errors and omission insurance covers business-related mistakes that lead to injury of a third party, such as neglecting to file important papers.
What are the different types of business insurance?
While property, liability and workers’ compensation are the most common types of business insurance, other types include property, business interruption, and errors and omissions.
What is not covered by business insurance?
Business insurance does not cover professional liability (due to poorly performed work), the purchase of replacement equipment, vehicle accidents not related to work, or business lost due to damaged equipment.
What factors impact the cost of business insurance premiums?
Factors impacting the cost of business insurance premiums include the type of business, the risk involved, the size and number of employees, your experience in the industry, and location.
Is business insurance the same as professional insurance?
No. Business insurance covers general legal issues such as injuries that occur on your property and property damage. Professional insurance covers lawsuits focused on service such as charges of negligence, contractual disputes, etc.