Why do your clients look for firms with E&O insurance?
You need errors and omissions insurance (E&O) to protect you financially from legal costs or damages that may arise. As a professional, you’re expected to adhere to certain standards and best practices for your firm or agency.
If a client is unsatisfied with your services, they could sue your company for economic damages. Errors and omissions insurance protect you and your business in the event that a client accuses you of missed deadlines, professional negligence, errors, omissions, or problems with the quality of your work – even if that claim is unfounded.
Why Clients Want You to Have Errors and Omissions Insurance
E&O insurance not only protects your business in the event of a lawsuit, but also is often requested by clients for important business contracts. A client might ask for proof of insurance before working with you. In fact, having professional liability insurance may be the difference between landing a new client or the client taking their business to the next prospect.
Errors and omissions insurance shows clients that you have sufficient professional liability limits to protect your company and all your clients. It can help them feel greater peace of mind knowing they could receive compensation if anything goes wrong with your professional services.
Here are more reasons why your clients want you to have E&O insurance.
E&O Insurance Protects Clients in Case of a Lawsuit
Put yourself in the shoes of your clients. Which company would you choose to work with: a company that has errors and omissions insurance in place or one without financial protection?
We’d better you’d go with the first company. Why? Because insurance gives an extra layer of credibility with potential clients.
A client knows that you’re a professional they can trust and if something were to go wrong with your professional services. They’re protected by your company’s insurance and will get the compensation they may need. A client will know that you’ll be able to pay even if they make a large claim.
Shows You Take Risk Management Seriously
You might think that having an errors and omissions certificate of insurance (COI) in your office is an admission that you might make a mistake and are not confident in your abilities. That’s not true at all. Having E&O insurance sends a strong message to your clients that you’ve invested in your career for the long term and follow solid business practices. It shows that you care about protecting your company and your clients.
On the flip side, if you don’t have errors and omissions insurance, the client may wonder, “what other important business practice is this firm or agency ignoring?” Having an up-to-date E&O policy helps clients see that you’re doing everything you can to prevent a claim. This may give them the idea that you have superior safety standards to your competitors.
Shows You Have a Customer-First Mindset
Errors and omissions insurance shows clients that you aren’t just interested in making a quick buck. It gives the idea that all of your clients are given high-quality service and that you go out of your way to ensure they are satisfied with the attention that they deserve.
Having E&O insurance indicated to clients that you’re willing to assume responsibility should they suffer damages as a result of your professional services. Not only does it show that you want to protect your business from claims or lawsuits, but it also shows clients that you have their best interests at heart. The added layer of insurance protection will give your clients peace of mind and help build customer loyalty with your brand.
Clients Are Assured of Professionalism
A lawyer’s or title agent’s job is dependent on image. Being adequately insured with errors and omissions insurance allows you to put forward a professional image. While E&O insurance is not mandatory, providing proof of it when a current or potential client asks for it will let them know you are a serious professional. Professionalism is a quality that most clients look for when hiring title agents or attorneys.
Also, protecting your company with E&O insurance implies that you intend to be in business for a long time. Showing that you’re not prepared to risk a claim being made against your company can help reinforce trust with your clients.
Trust Attorneys First Insurance to Provide the Right E&O Coverage for Your Business
At Attorneys First Insurance, we’re 100% dedicated to helping attorneys and title agents find the right errors and omission insurance without paying for coverage they don’t need. We provide customized packages based on your business needs.
We keep our overhead low and pass the saving to you. When you choose us over other providers, we guarantee to save you 20% to 40% on your professional liability insurance. Contact us today for a quick, no-nonsense quote!