Thursday, September 13, 2012

We All Make Mistakes

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Lorne Wiebe has written another article about issues important to business owners, for the local online hub serving Cornwall, Stormont, Dundas & Glengarry - http://www.ourhometown.ca . What follows is an introduction to that article. The full article can be read in his column, "Risky Business"

 
A Sign of the Times
Photo Credit - ourhometown.ca

Years ago I worked for a boss who used to say “It’s okay to make as many mistakes as you want…just don’t make the same mistake twice.” While the sentiment that you’re allowed to make mistakes and then learn from them is nice, when it comes to the services that your business provides for others, most clients won’t be that forgiving if your mistakes cost them money.

At some point, everyone and every company is going to make a mistake. Either we do something that we shouldn’t do or we don’t do something that we should have done. That’s life. We already are accustomed to the thinking that our mistakes could hurt some “body” (bodily injury) or some “thing” (property damage) and most businesses purchase a Commercial General Liability insurance policy which protects them in those instances. But how can you protect your business if you provide a service and a mistake causes financial loss for someone else? This is where a product called Errors and Omissions coverage fills the protection gap....

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