Depends what your doing with it?
For example If your drilling and reaming holes for dowels then you need to be within a thou or so. If your putting clearance holes for black bar in bits of flat then ten thou won’t matter
firstly you need to measure the runout on the spindle of the drill then on the Jacobs Chuck, then on a a bit of ground stock in the chuck. That will tell you where your error lies
if only 2 thou out total its only 1 thou of center its nothing on a drill try it with a bit of ground silver steel in chuck. the drill isnt forced to be perfect but thats nitpicking