Errors and Omission Insurance
It’s not about your professionalism, training, or years of experience. It’s about human nature. Mistakes happen to the best of us, no matter how experienced.
Yes, you can be sued even if you didn’t do anything wrong.
The simplest clerical error or proofreading mistake (even made by a trainee) can cost you, if it results in financial loss or damage to the reputation of one of your customers.
That’s why it’s important to understand the extent of your business liability insurance—it only protects your operation against bodily injury, property damage or advertising injury.
But what happens when you, one of your employees, or a vendor fails to catch something that your customer doesn’t miss, and they hold you responsible?
They can not only refuse to pay, they may also sue you for damages.
But with an errors and omissions (E&O) insurance policy, you’ll enjoy specialized liability protection against losses not covered by traditional business insurance.
Who needs E&O insurance?
If you’re in the business of providing services to clients for a fee—doctors, lawyers, accountants, architects, engineers, wedding planners, printers, building-trades contractors, mortgage and real estate services, designers, advertising agencies—if your service is possible to be done incorrectly or late, and it costs your client money or harms their reputation, you need to investigate E&O.
What does E&O cover?
Errors and omissions protects you from claims in the event a customer or client sues your service business for negligent acts, errors or omissions occurring during business activities, and which potentially result in a financial loss for the client.
Errors and omissions insurance policies usually cover the business owner, both salaried and hourly employees, and subcontractors working on behalf of the business.
Errors and omissions insurance can be customized to meet your specific needs, no matter what your business or industry. Real estate agents face different risks than printing companies, but both have potential to impact their customers lives and livelihoods if a mistake occurs.
Benefits of a specialized E&O policy may also include:
- Monthly payment options to help spread out your payments so you can better manage your cash flow
- Coverage of temporary staff, full-time employees, and independent contractors
Past work covering unforeseen claims arising from work completed before you were even insured, to a pre-agreed date
- Worldwide coverage as long as the claim is filed in the U.S., one of its territories or Canada
- Claims responsiveness when time is of the essence, especially in the event of an insurance claim
- Tailored coverage for the specific risks of your field and industry
- Knowledgeable agents who provide exceptional, passionate service
- Coverage for contracts satisfying most standard contract insurance requirements
- Fast and simple online quotes, or helpful agents, immediate coverage
Why We’re Different
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Contact us and let the professionals at our company help you forge the strongest shield possible to help you protect the things you are working hard to build.
The graphic below is interactive. Explore and learn more about some unique risks as well as the related insurance solutions
Possible Liability: Alleged neglect to do work correctly or not doing it at all and resulting in a lawsuit.
Solution: Protection for your service business for negligent acts, errors, or omissions occurring during business activities, and which potentially result in a financial loss for the client.
Possible Liability: An employee or a 3rd-party vendor hired to complete work but was supposedly careless.
Solution: The business owner, both salaried and hourly employees, and subcontractors working on behalf of the business are usually included in the policy coverage.
Possible Liability: A dental professional or a real estate agent requires specific clauses or endorsements to be added.
Solution: Tailor-fit to meet your specific needs, no matter what your business or industry. For example, real estate agents face different risks than printing companies, but both have the potential to impact their customers’ lives and livelihoods if a mistake occurs.
Possible Liability: Work done by a former employee was supposedly erroneous and resulted in a claim.
Solution: Coverage of temporary staff, full-time employees, and independent contractors
Past work covering unforeseen claims arising from work completed before you were even insured, to a pre-agreed date.
DISCLAIMER: Consult actual policy for exact terms and conditions or talk to your insurance agent for clarifications.
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