Why Do Managers Need Omissions Insurance?

omissions insurance for managers

Many business owners think they have enough insurance coverage. Often, firms don’t have enough. Sometimes they don’t discover gaps in their policy until they’re hit with a lawsuit. In today’s litigious society, it’s important that you have a plan in place that protects your assets. A must-have solution is omissions insurance for managers.

Provides Financial Protection

The reality is that things can go wrong when servicing your clients. A malfunctioning product injures a consumer. A customer receives poor financial advice. A project delay compromises your customer’s bottom line. These types of problems can result in lawsuits filed against your company. An errors and omissions policy reduces the costs associated with defending legal claims.

Fills in Coverage Gaps

Do you already have omissions insurance for managers? If so, is it enough? Many E&O plans include a miscellaneous professional liability form. An unmodified MPL does not address your company’s specific risk profile. As a result, your firm may still face a financial loss if a client files legal action against your company. An adequate policy covers the daily risk exposures that are unique to your firm.

The financial stability of your business is important. One lawsuit, legit or frivolous, can threaten your company’s survival. If you need omissions insurance for managers, contact a reputable carrier. With the right provider, you can get a customized professional liability solution.