Errors and Omissions Insurance in Goose Creek, the Low Country, and all of GA

Errors and omissions refer to mistakes, negligence, or discrepancies in a business’s accounting records, which can possibly be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that accompany their roles, and if they fail to fulfill these responsibilities by inaccurately reporting income, errors and omissions insurance will reimburse a business for problems arising from these fiduciary oversights.

As a business owner, you know how important it is to live up to your promises. Consumer trust is a key part of earning repeat business, which in turn helps to create a stronger, healthier, and more profitable company.

Errors and omissions claims have been trending higher in recent years, with multiple‑million dollar lawsuits being filed more frequently than ever before. Accordingly, most businesses need to have appropriate coverage amounts to be sure they're protected if a large claim is filed.

What E&O Insurance Covers

Policies can vary, but most forms of errors and omissions insurance cover the following. Note that some industries don't need all of the coverage mentioned below, while others may need additional coverage because of the nature of their operations. Bates Insurance Group of the Lowcountry LLC agents will help you determine which coverages are best for you.

  • Claims and Damages: These are one of the major sources of potential loss that your company faces. E&O protection on claims can reimburse you for any payouts you may have to make as a result of such claims being filed.
  • Defense Costs: Whether or not you win a case, your attorney is going to expect payment. E&O insurance can reimburse you for their fees, allowing you to hire professional support without worrying that it will be too expensive for you to afford.
  • Employees, Temporary Staff, and Independent Contractors: You may be liable for the actions that anyone associated with your business takes—whether or not they're an employee. This part of the policy protects you if they make a mistake.
  • Negligence: Often considered one of the most important parts of E&O coverage, negligence coverage can reimburse you for problems like making a mistake while giving advice or failing to complete a job. Whatever the cause of the problem, ensuring you're covered will help protect your business if something goes wrong.

Errors and omissions policies payouts vary among companies depending on the possible severity of financial mishaps. If you're not sure how much of a cap your business should have in each category, call one of Bates Insurance Group of the Lowcountry LLC agents today and ask them for more information. You may need to increase your policy cap as your business grows, and we can help you decide when it's time to raise the limit.

 

1. Oxford Reference, s.v. “errors and omissions,” www.oxfordreference.com/view/10.1093/oi/authority.20110803095756997?rskey=tDNztO&result=1

2. "Why Consumer Trust Is the Key to Repeat Business." The Wise Marketer. January 2005. Accessed April 18, 2016. http://www.thewisemarketer.com/features/read.asp?id=54.

3. "Claims Trends." Insurance Journal News. November 03, 2014. Accessed April 18, 2016. http://www.insurancejournal.com/magazines/features/2014/11/03/345153.htm.

Our Locations

*Main Office

597 Old Mount Holly Road
Goose Creek, SC 29445
Main office: 843-310-2359
Fax: 843-764-3556

Autrey Insurance Services

106 Noble St.
Ridge Spring, SC 29129
Main office: 803-960-0266

Bates Insurance Group dba Paul Foster Insurance | Mt Pleasant

918 Lansing Dr., Unit B
Mount Pleasant, SC 29464
Main office: 843-884-8951

Bates Insurance Group Moncks Corner

204 E Main St
Moncks Corner, SC 29461
Main office: 843-761-4830

Eddie Hall Insurance Services

211 Hillcrest Dr
Laurens, SC 29360
Main office: 843-883-4441

Gaillard Insurance Agency LLC

208 A Cedar St
St. George, SC 29477
Main office: 843-883-4441

Laney Brothers Insurance

311 McDonald Place
Bishopville, SC 29010
Main office: 803-428-8687

Raymond L Godin Jr. Agency

111 Foxbank Plantation Blvd, Ste C
Moncks Corner, SC 29461
Main office: 843-310-2359

Terri Smith Insurance Services

1317 Jeffries Blvd
Walterboro, SC 29488
Main office: 843-782-4949

Our Providers

Testimonials

A great company with a great agents! Thanks Raddy for helping me save alotta money on my car insurance! I give you all 5 STARS! You guys are the BEST!

Carole MsBee Britt
Very pleased with every aspect of finding new home owners insurance through Bates Insurance.

Kenneth Mahaffey