What is Errors & Omissions Insurance?
Errors and omissions (E&O) insurance is designed to provide coverage for businesses or individuals when they are accused of, or held responsible for, inadequate quality of a service provided or the failure to provide a service. Claims Made & Reported Policy Forms were created to cover any errors or omissions for the professional services you rendered or mistakes or misrepresentations that the client perceives you have made on their behalf.
The number of liability lawsuits against professionals has increased in recent years. Many professionals are at risk of being sued - including insurance agencies. Small companies can go bankrupt from the cost of lawsuits. Even large companies can experience an impact to their bottom line. An E&O policy covers legal fees and settlements.
Who benefits from errors and omissions insurance?
If your business provides a service for a fee or licensed professional services, you may have an E&O exposure. Have you thought about what could happen if the service is done incorrectly or not performed in time? Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Errors and omissions insurance will protect your business and its finances if such an event arises.
Get started today
You are unique, and so are your professional liability needs. That’s why we represent over thirty carriers - not just one or two. Complete on-line application, or call one of our offices to speak directly with a U.S. E & O agent. We will evaluate your business, determine your specific exposures, and help you get the coverage you need. Give us a call. We are happy to assist you today.