Sound Money Tips:
1. Errors & Omissions Insurance - Regardless of what kind of business you own, customers can claim that something you did on their behalf was done incorrectly, and that this error cost them money or caused them harm in some way. Formalizing a contract with your clients can help limit your liability, but the big expense in an E&O claim is the legal defense needed to prove innocence. E&O policies are designed to cover these defense costs;
2. Hold Harmless Agreements - Of course, there are some things you can’t prevent, like storms, power failures, or accidents. But there are ways of minimizing either the likelihood something will occur, or the impact it will have on your business after it does. A ‘Hold Harmless’ agreement is a risk management tool that shifts legal and financial risk from you to another party;
3. Specialized Commercial Insurance - Does your business face unique risks? For example, do you manufacture food products that may be vulnerable to contamination and product recall? Or do you often carry tools to your customer’s work site, and need to make sure your property is protected off-site as well as on-site? Oftentimes specific coverage can go a lot further than a general, pre-packaged deal. Whatever your industry, chances are there is commercial insurance coverage tailored to your specific risk factors.
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