- AKA Errors and Omissions Insurance(E&O) – “…a form of liability insurance which helps protect professional advice and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.” – Wikipedia
- Basically, it protects businesses when they make errors in their specific, specialized day-to-day business practices, effecting a third party/customer.
WHAT IS COVERED?
- PROTECTS BUSINESSES AGAINST LAWSUITS FILED BY AN OUTSIDE/THIRD-PARTY FOR:
- Day-to-day work mistakes– If an employee makes a serious mistake and it ends up costing a customer, client time, or money for the company.
- Un-delivered/Under-delivered service – A missed deadline costing customer time/money or a business over-promises and under-delivers.
- Negligence – The service provided does not meet the industry norms.
- COSTS OF A CLAIM – Lawyers’ fees, court costs, settlements, judgments, etc.
DO I NEED IT?
- BUSINESSES NEED AND USE IT– Although not required by law, over 20% of small businesses have needed to use their Professional Liability policy at least once.
- LAWSUITS ARE NOT CHEAP – **Average cost of a lawsuit is estimated to be between $4K – $200K or more.
WHY CHOOSE ART RISK?
- A BROAD SERVICES OFFERING – With a comprehensive approach toward the clients’ liability insurance, ART Risk takes the burden off the business having to manage multiple insurers/policies, letting them focus on what matters most… day-to-day business.
- EXPERTISE– ART Risk’s knowledge to ensure valued clients are properly covered with a catered policy is the company’s highest priority.
- STABLE OF INSURERS– ART Risk Financial & Insurance Solutions, Inc. obtains multiple quotes to ensure clients are properly covered and competitively priced.
- QUICK TURNAROUND– Depending on the need, a quote can be provided in 48 hours after receiving all information requested and applications, giving clients the ability to choose and bind coverage within 72 hours of starting the process.
* Includes Malpractice**https://www.sba.gov/sites/default/files/files/rs265tot.pdf