Improved Errors & Omissions Insurance Confirmed for WEVA Members
May 13, 2008
Sarasota, FL - Videographers often ask, what is Errors & Omissions (E&O) liability insurance and why do I need it to protect my video business when I already have general liability insurance? General liability covers injuries and accidents. E&O insurance is professional liability coverage, often known as "peace of mind insurance" since it covers professional matters, not covered under general liability, including lawsuits due to negligence, video equipment failure, a missed event, contractual issues, dispute over the final product, etc.
"In the real world, risks exist which can threaten the very existence of any video business," said Brad Buell president of Buell Insurance. "A client can threaten to sue, or file a lawsuit against you for negligence in providing professional video services, regardless of fault. Even frivolous lawsuits can incur significant costs for legal defense. How much can you afford to pay to defend the good name of your business? Ten-thousand dollars? One-hundred thousand dollars?" Since general liability policies exclude professional services, E&O insurance is needed when professional liability matters arise.
Buell Insurance, which has been providing business insurance benefits to WEVA members for over a decade, today announced an all-new, and improved Errors & Omissions Insurance program has been developed for members of WEVA International. The new program is underwritten by USLI (a member of the Warren Buffet Berkshire Hathaway Group). USLI has an A.M. Best "A++ carrier" rating.
The new, improved E&O coverage for WEVA members offers:
* No deductible (not available under previous E&O master policy).
* Covers work by your sub-contractors (not covered under previous master policy).
* Covers weddings & social events and corporate/industrial video work.
* Covers copyright infringement (not covered under not previous master policy).
* Written as individual policy (not available under previous master policy).
* Carrier Rating of A++ by A.M. Best.
* Higher-dollar coverage with no limit on occurrences within the dollar-figure covered (not available under previous master policy).
Today, most E&O policies that include the above coverages underwritten by an insurance carrier generally cost $1,000 or more annually. However, the new E&O insurance for WEVA members, Buell notes, is available to members for much less, and it is written as an individual policy. This means each policy can be tailored to the amount of professional liability limits preferred by each individual business owner:
* $100,000 / $100,000 coverage = $404 Annual Premium
* $250,000 / $250,000 coverage = $505 Annual Premium
* $500,000 / $500,000 coverage = $647 Annual Premium
"Professionals are being held to a higher standard of care than ever before," Buell relates. "Obtaining Errors and Omissions Insurance is the only way to protect your video business when disputes involve professional liability issues. We have been pleased to work with WEVA to complete research and development of this new and improved E&O program, underwritten by USLI. It’s exclusive for WEVA members and it’s available now."
WEVA members may contact Buell Insurance to obtain E&O coverage and other forms of business insurance developed for WEVA members, including low-cost Equipment Insurance, General Liability Insurance, and Workers’ Compensation. Contact Buell Insurance toll free at 1-800-842-8355 or email Brad Buell at [email protected]. Visit Buell Insurance online at www.buellinsurance.com
About Wedding & Event Videographers Association International (WEVA)
Founded over a decade ago, WEVA International is the world's largest trade association for professional wedding and event videographers and leads the field with education that's on the cutting-edge of industry developments. WEVA is dedicated to advancing the professional interests of videographers globally through continuing education at events such as Wedding & Event Video Expo 2008 and WEVA's Wide World of Weddings & Events, technical support, group benefits, advocacy committees, new media, including Wedding & Event Videography Resource Guide, plus WEVA NEWS MINUTE videos, WEVA On-The-Air Podcasts, and streaming video on WEVA-TV.
Join WEVA online today to access valuable WEVA membership benefits that can help you succeed in your business, including new opportunities through ImageSpan's LicenseStream and CurbStream programs, plus low-cost Visa/MasterCard Merchant Status, Equipment Insurance, Liability Insurance, new Equipment Financing Program, WEVA NEWS MINUTE videos, WEVA On-The-Air podcasts, and more. Membership also provides opportunities for professional videographer (MPV) accreditation, and system-training at WEVA EXPO 2008 our industry’s biggest international convention and trade show. For more information contact the association at 941-923-5334 or email: [email protected] |
