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It’s March Madness: Do you have a Defensive Game Plan for Your Business?

“How’s your bracket doing?”

With March Madness upon us, my basketball-loving friends and I are anxiously comparing stats.  Along with the game comes the joy of victory, the agony of defeat, last minute heroics…and the occasional human error that thwarts that winning play. Mistakes in small businesses may not be as well publicized or as exciting as in the NCAA however, when errors do occur, it’s just as critical to the professional services provider, and their client that the situation is recoverable.

Making the wrong call: Example #1

The outcome of any game can turn on a referee’s whistle.  A few days ago there was an outcry from players, fans and media after the Syracuse-UNC Asheville game because of two controversial calls late in the game.  Many thought an out-of-bounds ruling with less than one minute remaining was made in error by a referee.  In fact, the NCAA National Coordinator of Men’s Basketball Officiating acknowledged after the game that the call was incorrect. How instrumental in the outcome of the game was this mistake?  Did UNC-Asheville suffer damages?

Not time for time out: Example #2

You may be old enough to remember Michigan’s Fab Five and the infamous timeout call during the final seconds of the 1993 NCAA Men’s Division I National Championship game.  A decision by Michigan forward Chris Webber to call a timeout when his team had none remaining effectively clinched the victory for North Carolina.  He made an error that prevented Michigan from winning the National Championship. They lost revenue from selling championship merchandise, from future ticket sales, and caused more than a little emotional distress. Can we even quantify the losses from this error?

Whether playing basketball, calling fouls or working with a client, people make mistakes.  Most of the time the impact to others is minimal, but occasionally it can come at a significant cost.  Professional Liability insurance (a.k.a. Errors and Omissions Insurance or E&O) is designed to cover the damages that are incurred by your clients as a result of your negligent act, error or omission, or perceived mistake.  If you’re a basketball lover, like me, think of Professional Liability insurance as your full court press defense.  That’s why you need to find the right “coach” to provide you with the right coverage and peace of mind to focus on your real game – satisfying customers.

BizInsure Guest Blogger: Chris Heck

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