Published On: May 24, 2022

Errors and Omissions insurance is a type of coverage that protects businesses against claims of mistakes, negligence, or inadequacy in their work. This is measured as a financial loss. The loss takes the form of lost revenue, lost investment, or lost money paid for a product. The primary purpose of this insurance is to financially protect business owners when they are sued for negligence.

Errors and Omissions coverage can help pay for legal fees, settlements, and judgments, up to the policy limits. If you’re running a business, evaluate your risks and determine if this type of insurance is right for you. We at Tabak Insurance got you covered. 

Why Does Your Business Need Errors and Omissions Insurance Cover from Tabak Insurance?

Your business could be sued for a variety of claims, including:

  • Negligence – This is the most common type of claim covered. It occurs when a business is accused of failing to provide reasonable care. The level of care that a sensible person would expect in a similar situation.
  • Breach of contract – If you fail to live up to the terms of a contract, your client could sue you for breach of contract. A good example is when a nightclub fails to provide enough security guards contrary to agreed terms. The nightclub could be sued for breach of contract.
  • False advertising – This occurs when a business makes false or misleading statements in its advertising. For instance, when your bar advertises “happy hour all day.” Contrary to your advert, you go ahead and only serve drinks during certain hours. This could easily lead to the business being sued for false advertising.
  • Libel and slander –You could be sued for libel or slander by making false or damaging statements about another person or business. For example, if you write a blog post accusing a rival business of engaging in illegal activities. The business could sue you for defamation if they are not engaged in such illegal activities. 

What Claims Doesn’t This Insurance Cover?

Claims not covered in this type of insurance include:

  •  Intentional acts of fraud or criminal acts – Should you commit fraud or engage in criminal activity, your policy will not cover you. For instance, your policy will not cover you if you embezzle money from your clients.
  •  Patents and copyrights – The policy will not cover you if you violate someone’s patent or copyright. For example, there will be no coverage when you use someone’s copyrighted material without permission.
  •  Professional liability – Some professions, such as lawyers and doctors, have their own professional liability insurance policies. These policies are separate from E&O insurance and provide coverage for specific risks associated with those professions.

Why Should You Hire Tabak Insurance?

  1. Years of Experience– The agents at Tabak Insurance have over 20 years of experience working with businesses in a variety of industries. They have the knowledge and expertise to help you find the right policy for your business.
  2. Competitive Rates– They work with several different insurers to get their clients the best rates possible.
  3. Personalized Service– The agents at Tabak Insurance will take time to get to know your business and your risks. They will then work with you to find the right policy for your needs.
  4. Quick and Easy Claims– Tabak Insurance makes it easy to file a claim. We will work with you to file your claim and get the compensation you deserve.

Businesses Covered by Tabak Insurance

Restaurants – Restaurant and bar owners face various risks, from foodborne illness to slip and fall accidents. Tabak Insurance offers a wide range of coverage. They include property damage, liability caused by liquor consumption, equipment damage, and worker’s compensation.

Clubs and bars – Clubs and bars are high-risk businesses due to the potential for violence and alcohol-related accidents. Tabak Insurance can cover everything from a fight breaking out in your club to a patron slipping and falling in your bar.

Catering Businesses – Catering insurance covers caterers from specific hazards associated with their line of work, such as losses incurred from a power outage. Caterers frequently specialize in niche industries and operate from various premises. This makes these policies highly adaptable and shows the need for an insurance provider with extensive knowledge of their business.

Protect Your Business From Legal Liability With Affordable Coverage

At Tabak Insurance Agency, we provide quality insurance solutions to businesses. We understand the unique risks that these businesses face and have the experience and knowledge to provide the coverage you need to protect your business. Whether you have a bar, restaurant, or other food or beverage establishment, we will tailor a policy to meet your specific needs.

We offer a variety of coverages, including property damage, liability, product liability, and more. We also offer specialized coverage for businesses that serve alcohol. Contact us at Tabak Insurance Agency for a free consultation today.

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