Errors and Omissions Insurance in all localities throughout Virginia, USA

Office Personnel

Errors and omissions refer to mistakes, negligence or discrepancies in a business' accounting records, which can possibly be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that accompany their roles and if they fail to fulfill these responsibilities by inaccurately reporting income, errors and omissions insurance will reimburse a business for problems arising from these fiduciary oversights.

As a business owner, you know how important it is to live up to your promises. Consumer trust is a key part of earning repeat business, which in turn helps to create a stronger, healthier and more profitable company.

Errors and omissions claims have been trending higher in recent years, with multiple million dollar lawsuits being filed more frequently than ever before. Accordingly, most businesses need to have appropriate coverage amounts to be sure they're protected if a large claim is filed.

What E&O Insurance Covers

Policies can vary, but most forms of errors and omissions insurance cover the following. Note that some industries don't need all of the coverage mentioned below, while others may need additional coverage because of the nature of their operations. Galax Insurance agents will help you to determine which coverages are best for you.

Errors and omissions policy payouts vary among companies depending on the possible severity of financial mishaps. If you're not sure how much of a cap your business should have in each category, call a Galax Insurance agent today and ask for more information. You may need to increase your policy cap as your business grows and we can help you decide when it's time to raise the limit.