There are lots of jaw-dropping buildings and skyscrapers in the Ontario area. While most people enjoy gazing at these buildings, they don’t realize all the work and designing that went into the construction process. As an architect, the designs and calculations that you make are expected to last a lifetime and withstand all kinds of wind, rain, and sleet damage. When factoring in all of these conditions and dealing with a wide array of digits, it can be easy to make a mistake. This error could potentially result in your client spending thousands of dollars to rectify the issue, which could result in a major lawsuit.
Helps Promote Business
While E&O insurance broker company can protect you and your clients, it is also a huge selling point. Just the simple fact that the consumer knows a reputable agent covers you, will make them feel more adamant about your integrity and the services that your company offers. By just holding a policy like this one, you will open your doors to tons of new potential customers.
Protect You From Your Employees
Every boss always tries to keep a close eye on his/her employees, but it is impossible to oversee everything they do all the time. If one your employees gives bad advice or makes a mistake on a design, it is going to fall back on you. A serious situation like this could potentially lead to lawsuits. An errors and omissions policy will cover the costs of the litigation team effort and the final settlement amount.
Regardless, of how many times you check your calculations, designs, and go over them with your client, you still may find yourself in court. Even when the court proceedings are over and you are found not liable, there is still the matter of all those court costs and lawyer fees. Without this type of coverage, you would be looking at a massive monetary loss. An event like this could cripple any company, especially if the business owner is forced to pay the costs out of pocket.
Every building developer knows the risks of their business. They also know that avoiding customer complaints and claims in virtually impossible. One of the best ways to avoid a claim, before it turns into a lawsuit is by communicating with the customer and constantly updating your Canadian Liability Insurance company. Figure out a way to resolve the issue, even if it means making the necessary alterations. Sometimes customers can ask too much from the business owner in these types of situations. However, it is still in the business owner’s best interest to rectify the issue, before it escalates into a civil lawsuit.
It is never too early to obtain errors and omissions insurance coverage. Many amateur building developers will rush into the business, without giving a second thought to the risks. Developers are responsible for overseeing the design and construction processes, while working with a group of contractors and subcontractors. Even though the contractor is bonded, any damage related to a mechanical, design or technological error will remain the developer’s responsibility.