E&O insurance, also known as professional liability insurance, protects small businesses against lawsuits brought by clients claiming that work was inaccurate, late, or never delivered.
As a printing or copying professional, you know that some clients can be hard to please. These complaints can escalate into highly disruptive lawsuits, especially for small print shops with limited resources. Errors and omissions insurance (also called professional liability insurance) can pay for legal costs that might otherwise hurt your bottom line.
This policy provides liability coverage related to:
From typos to color accuracy, mistakes happen. Unfortunately, an error could cost a high-end client thousands of dollars and leave your print shop or copy center vulnerable to legal action. If a client sues over the mistake, you could face significant financial loss. E&O coverage helps cover your legal fees, which can pile up even if a lawsuit is frivolous.
Your customers often need printed materials by a certain date in order to launch an advertising campaign or meet another deadline. If a client loses money because an order takes too long, the client could sue to recoup the loss. Errors and omissions insurance for printers could pay the costs of a lawsuit claiming you failed to provide agreed-upon services on time.
If your work doesn’t meet industry standards or client expectations, such as the colors being off on a large batch of posters, you could be accused of professional negligence. If a client takes you to court, you may have to pay a costly court-ordered judgment or a settlement. E&O insurance can cover these legal expenses and more.
While E&O insurance safeguards against work errors and accusations of negligence, it does not provide absolute protection. Accidental injuries and property damage are daily risks for anyone who owns a printing or copying business. Other policies to consider include:
General liability insurance: This policy can pay legal expenses related to customer property damage and injuries, along with advertising injuries such as slander.
Workers’ compensation insurance: Required in almost every state for print shops and copy centers that have employees, workers’ comp can cover medical costs for work injuries and illnesses.
Business owner’s policy: This policy combines general liability insurance with commercial property insurance, usually at a lower rate than if the policies were purchased separately.
Are you ready to protect your printing or copying business with E&O insurance or another type of printers’ insurance? Complete Insureon’s easy online application to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, coverage can begin in less than 24 hours.