E&O insurance covers the freight forwarder in the event a client holds the freight forwarder responsible for a service provided or that the freight forwarder failed to provide.
This coverage includes legal defense costs for any allegation filed against you or your company and the amount of the judgment if one is passed by the court, up to the limits of your policy. In the freight forwarding industry, this is a very important coverage that should be discussed with your Magaya Insurance Services professional to identify potential hazards and mitigate losses. Protect your business and your reputation.
Errors and omissions insurance is widely required for any type of service-providing business, which includes most companies throughout the transportation and logistics industry. It is also needed for consultants both in and out of the logistics industry. It protects against losses that are not covered by traditional liability insurance.
E&O insurance will ensure that your company can defend itself when sued by a client. If you don’t have this important type of insurance, your business will be responsible for up to millions of dollars in damages and legal fees. Having errors and omissions insurance will protect your company from a huge financial hit and may even save you from bankruptcy, depending on your business’s finances.
At Magaya Insurance Services, we are experts in providing trustworthy insurance policies that are tailored to the needs of companies in the logistics industry. As experts in transportation and logistics as well as licensed insurance agents, we are well-equipped to provide you with the insurance you need. Contact us today to learn more, and let us know if you’re ready to get started with an affordable, comprehensive E&O insurance policy.