Answering Service Insurance
Answering service insurance can be a valuable asset for any business, large or small. By having this type of insurance in place, businesses can ensure that they are protected in the event of a customer making a claim against them. It is important to remember, however, that not all answering services are created equal. Some may only offer limited coverage, so it is important to check with potential providers to see what exactly is covered.
Answering Service Insurance
Industries that require answering services include medical, government, telecommunication, property, etc. They provide customer service to the customer and uphold the company or organization’s reputation. An answering service business has risks that can land you in a lawsuit.
Incidences like giving bad advice, not answering calls, not timing calls appropriately, and calling the wrong physician can result in a lawsuit. This is why an answering service is vital for your business. It will protect your business from potential lawsuits.
Cost of Insurance for an Answering Service
Standard general liability insurance for answering service depends on your location, size, experience, and sales.
Types of Answering Service Insurance
Professional Liability
Also referred to as errors and omissions (E & E&O), the policy covers negligence or substandard work claims. It protects employees from claims from disgruntled clients and it covers all related legal fees.
Commercial General Liability
The policy covers your business from third-party injury claims and property damage. The policy covers slips and falls.
Business Property
Answering services insurance protects your business property and the contents inside regardless of whether the contents are owned or leased.
Your communication equipment and inventory are covered in case of damage, theft, or vandalism.
Business Interruption
Your business can come to a sudden halt, and business interruption insurance policy pays income lost during the period your business is inoperational.
Workers Compensation
Working behind a computer for long hours can cause health problems are injuries to your employees. Workers comp covers medical costs and lost wages of the employee during the treatment.
Business Owners Policy
BOP is an affordable and comprehensive plan that combines general liability, commercial property, and business income into a single policy. This policy is ideal as it covers the primary risks faced by an answering service. Some hazards covered include damage to property, defamation, slander, etc.
Commercial Umbrella
The policy offers additional coverage over and above the basic policies you have.
Commercial Crime
This policy protects your answering service business from losses caused by criminal activities. For example, forgery, theft of money, etc
Employment Practices Liability Insurance- EPLI
The policy covers legal fees and settlements from lawsuits arising from employment practices such as wrongful termination, discrimination, unfair promotion, etc.
To discuss the policy options available for your answering service, consult a professional insurance agent.