It’s just as common to have an E&O claim that is unwarranted as it is to make an error and have to use your E&O insurance. Avoiding claims will largely depend on your industry and business, but when you work with Axis Insurance Services, you can implement a strategy to reduce the potential of a claim. These basic recommendations work in all industries:
1. Documentation of all client communication is one key facet to avoiding claims. Record phone calls, both in- and outbound. Keep copies of letters to clients.
2. Have a checklist for each procedure. Ensure all employees adhere to management procedures to reduce errors or mistakes.
3. Have an independent consultant come in and audit your procedures to see what your business lacks. Sometimes, it’s easy to get complacent and overlook something.
4. Have risk management meetings regularly with your stakeholders. When they understand the importance of quality control, it makes them adhere to best practices.
5. Review your policies regularly.
6. Have an E&O policy that backs you up when a lawsuit or threat of a lawsuit occurs.
Axis Insurance Services understands the insurance industry and your business industry to ensure your E&O policy protects the professional services you provide. Tailor your policy to fit your needs to give you peace of mind that if you ever need to make a claim, you’re covered.