Do you think you need Errors and Omissions Insurance (E&O Insurance) for your business? Whether you are a large or small business or just an individual working out of your home, you risk serious financial loss if you are not insured. If you provide a service to your clients for a fee you have Errors and Omission exposure. You may already have traditional Commercial Liability Insurance but are you may still be vulnerable to claims of personal negligence. Professional liability related to an error or omission is not covered by General Liability Insurance. Check your policy carefully.
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What is Errors and Omissions Insurance (E&O Insurance) and are you at risk?
You can think of Errors and Omissions Insurance (E&O Insurance) coverage as ?Professional Liability? or ?Malpractice? Insurance. Professionals who should immediately seek Errors and Omissions Insurance are Doctors, Lawyers, Engineers, Accountants, Chiropractors, and any businesses that work with clients as consultants, maintenance and service providers, designers or salespersons. There are hundreds of businesses that fall under these categories and range from Real Estate and Home Inspectors, Wedding Planners, Web Designers to Advertising Agencies, Appraisers and Financial Services. Errors and Omissions Insurance (E&O Insurance) is a policy that provides you coverage from a potential claim arising from your professional advice or service. This could include Attorney fees as well as judgments, settlements and defense costs that can result from errors (or Omissions) that you have made or that a client has perceived you have made.
Will Errors and Omissions Insurance (E&O Insurance) save your Company from financial loss?
Error and Omissions Insurance policies vary from company to company so make sure that your policy provides adequate coverage for your particular business. Most Errors and Omissions Insurance policies will cover Attorney defense fees. Even if a claim is found to be frivolous and invalid it can result in high legal fees costing your company thousands of dollars. You would pay only the deductible with Error and Omissions Insurance. Many companies would not survive such a financial strain without it. Errors and Omissions Insurance (E&O Insurance) will not leave you vulnerable to large settlements that can wipe a company out.
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Every company can and will make mistakes along the way, and may be exposed to Errors and Omissions claims. Make sure that you are not risking your company?s financial security by being unprotected from Professional Liability. Error and Omissions Insurance (E&O Insurance) policies are worth the security they provide your company. Make sure that you are covered.
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