Chapter 2: Dealing with Errors and Omissions Lawsuits
Now that you understand the basics of professional liability and civil torts, it's time to explore the inner workings of an errors and omissions lawsuit. In this chapter, we take a look at how to handle claims, find and attorney, fund your lawsuit, and more.
What Happens When You're Sued: A Guide to Handling Errors and Omissions Claims
Errors and Omissions claims are the stuff of nightmares for most small-business owners — and for good reason. According to the U.S. Chamber Institute for Legal Reform, more than 50 percent of small-business owners interviewed said they have been threatened with a lawsuit. And many of these suits are filed without merit.
More than half of small-business owners report being threatened by a lawsuit.
Even though most errors and omissions lawsuits are dropped or dismissed before they ever reach the courtroom, even receiving a formal complaint can be anxiety-inducing.
Next: Part 1: What Happens after You're Served with an E&O Complaint?