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!
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