Errors and Omissions claims can be messy and complicated. This is why you need to make sure that your carrier is experienced and reputable. K. L. Owens and Associates LLC has long standing relationships with Insurance Companies and the Underwriting Syndicates at Lloyds of London that allow us to pride our clients with the very best insurance products. We have handled Errors and Omissions in numerous situations and we are always there to see our clients through. But, to make the process as easy and stress free as possible, read our tips on what to do when your business gets hit with an Errors and Omissions claim.
The first thing to recognize about Errors and Omissions claims is that just because your agency is being accused of wrong-doing, does not mean that your agency actually did anything wrong. After you recognize that fact, remember these dos and don’ts:
DO:
- Promptly report the claim. Whether you are sure that the situation constitutes a claim or not, report it to your E&O agency. They can help you make the determination.
- Stay calm. Remember that just because someone is trying to file a claim against you does not automatically mean that you did something wrong.
DON’T:
- Alter or make any changes to the records involving the claim.
- Allow any copying or removal of your records without first consulting with your E&O carrier
- Discuss the matter with anyone other than your E&O carrier. This is confidential information.
- Make any admission of liability.
- Make any payments without advice from your E&O carrier. If a good will payment is made, it could be seen as an admission of liability.
Your Errors and Omissions coverage is essential in protecting your business. Make sure you have a carrier that is experienced and knowledgeable so that your claims will be handled correctly and efficiently. If you need Errors and Omissions coverage for your Georgia business, call us at K. L Owens and Associates LLC. We will get you the coverage you need at a price that fits your budget.
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