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The Basics of Errors and Omissions Insurance

Errors and omissions insurance is a protection that many companies should never be without. The name may change depending on the industry in which a person works but its purpose is the same. Errors and omissions insurance in Virginia offers protection for the insured if and when a client holds them responsible for services they provided that did not have the expected outcome. It also covers companies and individuals for services that they should have provided, but did not.

 

What Is Usually Included In a Policy?

 

Most policies cover the following:

 

  • Judgments
  • Settlements
  • Defense Costs

 

Even if a claim is baseless, defendants often have to pay thousands in attorney’s fees to defend the lawsuit before the claim is settled or dropped. This can have a large impact on a company, no matter how large or well-established.

 

Who Should Get Coverage?

 

Some workers are required to have E&O insurance by law. Others can choose to purchase the coverage to ensure that they will not be blindsided by a claim. The most common professionals to have Errors and omissions insurance in Virginia include the following:

 

  • Doctors
  • Lawyers
  • Accountants
  • Engineers
  • Architects

 

To determine whether you would benefit from coverage, companies and individuals should consider how they would handle a situation in which their service is incomplete or incorrect, leading to lost money or a harmed reputation for a client. Essentially, a good rule of thumb is that anyone who has provided a client a service in return for a fee would benefit from the coverage offered by E&O insurance.

 

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Connecticut Risk Management Vital to Company’s Success

Effective risk management for Connecticut businesses has always been seen as an essential element of cutting costs and having happy, satisfied clients and customers. It is also an important element in delivering successful projects. With a proper risk management process and system in place, risks can be identified early and often minimized, with a company can only benefitting by utilizing the staff to understand the risks they face and help to lessen, or eradicate them altogether.

 

Before beginning any project or starting any job, managers and staff should immediately begin working to identify risks. One way to enact this process is by gathering all project members into workshops and identify a list of potential risks associated with the work that is about to commence. Consulting with one another on the project plan, using additional online resources, as well as outside experts will help to determine the list of probable risks as completely as possible.

 

Communication greatly reduces issues that may otherwise go unnoticed

 

Start out by having discussions to ensure risks are communicated appropriately. Project risks should be a standing topic to the team’s regular meetings. The benefits of open communication will be apparent, as the project manager will have the necessary information to report to the project sponsor ensuring that the customer doesn’t end up with any unexpected issues. Open lines of communication allows for the identification of inter-related risks that may act as a catalyst for larger problems down the road.

 

The right risk management team will take a complete look at the company’s goals and objectives and help to define unique measurements for success. This is accomplished by taking an in-depth look at the facility through a comprehensive assessment, enabling the team to identify gaps and areas of improvement, suggest strategies, and develop a complete risk analysis.

 

The desired results are a result of matching strategic solutions with problems, and goals with opportunities in order to meet the company’s needs. The key is implementation and also a comprehensive cost-benefit analysis to determine whether the program makes sense from a financial standpoint.

 

Finally, any good Connecticut risk management program will include operational and safety training programs with attention to detail and uncompromising attentiveness to the needs of the business, all for the sake of a satisfactory bottom line.

 

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