Business Development Program

Error and omission business insurance

The modern society has very strong litigious mechanisms and dynamics. And small businesses risk facing professional liability that will more likely end their existence than in case of big enterprises. However, the majority of small business owners do not think much about developing a reliable insurance portfolio for their enterprises, which would provide protection and risk assessment to the right extent. And that’s certainly not the best strategy for those who want their businesses to grow and develop well.

Building up an insurance portfolio

Don’t expect to find a universal solution for small businesses, as there’s no such thing as one-size-fits-all insurance portfolio for small enterprises. You will have to personally adjust and tailor your insurance policy in order to make sure your insurance needs are met to the right extent, combining numerous insurance products into a single portfolio. A typical insurance policy for small businesses is likely to include the following elements:

• Property insurance (covering damage to your buildings or property);
• General liability (covering damage to other party’s property);
• Errors and omissions (covering liability due to business practice faults);
• Workers’ compensation insurance (covering legal actions between you and your employees).

The purpose of errors and omissions insurance

Errors and omissions (E&O) is a special type of insurance coverage that is used for protecting your coverage against legal actions due to production mistakes. This is the same thing that is called malpractice in medical industry. Such errors represent a very high grade risk in any business circles. The following are some types of E&O a small business might experience (and get sued for, respectively): Read the rest of this entry »

Keeping your business protected from external risks

You are prosperous and you feel like the world is at your feet. Yes, many of us want to believe we own the success and we stand behind it alone. But in reality, there are people standing behind our back that are involved in our rises and falls. These people are the employees. Therefore you need to think of them as a part of your team that was there to get you to the top of the world. You should know your staff needs a reward. But how could you possibly reward them? If your company takes care of more than two but less than 50 people, there is an insurance that works for you and your business. It is very valuable when people that run the business for you are proficient employees who are in charge of their duties. But no matter what happens in the companies, no matter how many mistakes one can make, because we are only human after all, the staff needs to feel like they are cared even when they fail, as it can happen to anyone. Read the rest of this entry »