What type of insurance must Service Providers obtain?

Service Providers are required to obtain errors-and-omissions or professional liability insurance to protect themselves from potential claims arising from their professional services. This type of insurance is specifically designed to cover professionals who provide services or advice, shielding them from legal claims if a client asserts that they suffered financial losses due to an error or oversight in the service provided.

This is crucial for Service Providers in the heating oil tank industry, as their work may involve complex systems where mistakes can lead to significant liability issues, such as environmental damage or property loss. By having this insurance, Service Providers can ensure that they are financially protected against claims that may arise from allegations of negligence, mistakes, or failing to deliver promised services.

Other types of insurance, like home insurance, health insurance, and auto insurance, do not specifically address the professional risks associated with the services provided in the heating oil tank sector. Thus, they do not offer the necessary coverage for the liabilities that Service Providers may face in their professional capacity.