How to Reduce Your Business’s E&O Exposures

If you’re trying to get errors and omissions insurance and reduce your business’s E&O exposures, look no further. ISU-The Olson Duncan Agency has the answers to all of your questions. One of the biggest ways to reduce your E&O exposure is by having this type of insurance to cover your company for when they need it. E&O insurance, also known as professional liability insurance, keeps your business covered in the event of an error or negligence, causing the loss of financial gain. Long story short, E&O insurance has your business’s back. You can’t say that something is or isn’t going to happen, but it’s good to always be prepared for the worst.

There are a few other ways to make sure that your company is on the right track. Check out this list of ways you can lessen your business’s E&O exposures and increase profitability:

  • Everyone Gets a Contract – One way to reduce your E&O exposures is by requiring that every employee or partner has a contract for their services, advises TechInsurance. While this act might not seem needed in the case of friends of family, it’s a really good way to keep track of everything going on with your business. This way, in the event of a dispute, everything is put down onto paper, including your duties and fees.
  • Make a Complaint Resolution System – Another way to get your E&O exposures down is by creating a simple complaint resolution system, giving your employees a way to talk about their problems and find solutions to solve them. This is additionally helpful because in the event that an employee tries to sue, there will be recorded documentation on your part, proving that you had tried to come to a solution. The key is to be ready for when someone does complain. Your complaint system should include: acknowledgement, investigation, resolution, communication and a follow up.
  • Communication is Key – A foolproof way to keep your E&O exposures down is by making sure every aspect of your business is communicated clearly and frequently with employees. Miscommunication is the root of many problems and can be solved with really simple solutions. Make sure that your employee is always in the know with their current or future projects, and make sure deadlines are accurately communicated  across the board.

Reducing your business’s E&O exposures can be easier than it may seem. Follow these steps and purchase CA errors and omissions insurance through ISU-The Olson Duncan Agency today.

About ISU / The Olson Duncan Agency

At ISU-The Olson Duncan Agency, our goal is to provide clients with a total solution, not just a quote or a contract. We provide businesses and individuals with insurance and risk management solutions, and we aim to provide real value and build trustworthy, long-term relationships with our clients. To learn more about our services, give us a call today at (310) 373-6441 to speak with one of our professionals.