Posts Tagged ‘E&O Insurance’

One recent overlooked area of Business Insurance is for home base businesses. Many business owners that start a business out of their home think that their Home Owners Insurance policy will cover them for Liability Insurance and Business Property Insurance. First of all a Personal Homeowners Insurance policy will almost always exclude General Liability for a business unless you specifically have an endorsement that extends liability to your home based business. Secondly Business Property coverage typically will only cover up to $1,000 of property used for the business. Usually this is not enough to cover your desk, chairs or computers especially if you are a contractor and have thousands of dollars worth of tools and equipment.

Some business owners argue that they don’t have any customers come in to the home and that they may not even see their customers face to face. This is a good argument but you need to ask yourself, what is your product or service? The reason you need to answer this question is because General Liability not only covers your business for Bodily Injury and Property Damage that you may cause, but Product and Completed Operations coverage. This refers to any products that you produce that may cause an injury to your client. If you provide a service  such as consulting or computer repair or programming then you may need a more advanced policy that covers your Professional Services, which is called Professional Liability Insurance. This will cover you for any type of mistake in your services that causes a financial loss to your client.

So the best advise I can give you is to talk to your current Home Insurance agent. If they don’t offer business insurance for a Home Based business, give me a call and maybe we can help. We can be reached at (888) 581-0331.

Bryan Cranson is the owner of Cranson Insurance Agency in Northville, MI specializing in business insurance quotes, workers compensation insurance quotes, health insurance quotes, disability insurance quotes and life insurance quotes in Oakland County, Washtenaw County, Kent County, Cook County and Wayne County, plus the entire states of Michigan, Arizona, Kansas, California, Illinois, Indiana, New Jersey, Ohio, Oklahoma and Missouri.

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Many of you have heard of Professional Liability Insurance or Errors and Omissions Insurance but do you really know if you need it? First we need to look at the actual Commercial General Liability policy and understand why certain things are not covered. General Liability refers to Bodily Injury or Property Damage caused by the Business or Insured. This type of coverage does not apply to an accountant making an error on your tax returns or misfiling something. There is no bodily injury or property damage but potentially a large financial loss due to your negligence. Many businesses simply go without this coverage either because they think it’s too expensive or their agent doesn’t offer a Professional Liability Insurance quote to them. It depends on the profession you are in but for many businesses Professional Liability Insurance is very affordable. Also one thing to understand when deciding if you need Professional Liability Insurance is that it will cover your attorney fees to defend a suit against you. Ask yourself, can your business afford to pay out thousands of dollars to defend a suit that may have no merit? In today’s world frivolous lawsuits are quite common and having Professional Liability Insurance or Errors & Omissions Insurance will put the insurance company immediately to work on resolving any type of claim situation.

So how do you know if your business needs Professional Liability Insurance or Errors and Omissions Insurance? First think about what would happen if you made a big mistake for one of your clients. Will it cause a large financial loss for them? Is it something you can quickly correct on your own? If not it’s time you get a Professional Liability Insurance quote or and Errors and Omissions Insurance quote. The obvious professions that need Professional Liability are Doctors, Lawyers, Accountants and Insurance Agents. Mistakes in those professions can cause large financial losses or serious permanent injury not covered by the General Liability policy.

Now lets look at other professions where you might need it. One common professional liability coverage is Printers Errors and Omissions Insurance. Now it may not seem obvious but there are many ways for a Printer to have an error and cause a large financial loss. For example if they Print Mail order catalogs and they put the wrong phone number or website on the catalog and they are shipped out to 10,000 people before it was detected. Not only would they have to re-print all of the 10,000 catalogs but there would also be lost revenue that the company would likely sue the printer for.

Do your business a favor. If you don’t have Professional Liability and think you may need it, either give your agent a call or call our office and we would be more than happy to discuss your situation. We work with many different Insurance Companies that have great coverage at affordable rates for all kinds of Professional Liability Insurance, Errors and Omissions Insurance and Medical Malpractice Insurance.

To contact us for information or a Professional Liability Insurance quote, Errors and Omissions Insurance quote or a Medical Malpractice Insurance quote, please call us at (888) 581-0331 or email at bryan@cransoninsurance.com

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Bryan Cranson is the owner of Cranson Insurance Agency specializing in business insurance quotes, workers compensation insurance quotes, health insurance quotes, disability insurance quotes and life insurance quotes in Oakland County, Washtenaw County, Kent County, Cook County and Wayne County, plus the entire states of Michigan, California, Illinois, Indiana, Ohio, Oklahoma, Missouri and New Jersey.

Michigan Medical Malpractice Insurance Quote, Michigan Professional Liability Insurance Quote, Michigan Errors and Omissions Insurance Quote

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