Errors & Omissions Insurance
Errors & omissions insurance protects you and your business from a claim if a client sues you for negligent acts, errors, or omissions committed during business activities that result in a financial loss for the client. As such, E&O insurance policies are especially valuable for businesses in the professional services industries, including accounting, banking, law, medicine, insurance, contracting, and consulting.
Why You Should Have Errors & Omissions Insurance
Any business that provides a product or service to a client for a fee is at risk of being sued – even if they’ve done nothing wrong. Although you may already have a standard business liability policy in place, most E&O claims that are made are excluded from coverage because there was no direct bodily injury or property damage. In today’s increasingly litigious environment, this can leave you and your business quite vulnerable. Therefore, if you make, sell or provide a product or service to someone, you need errors & omissions insurance to protect you from financial harm.
What Should Be Included in Your Errors & Omissions Coverage
The specifics of your errors & omissions insurance coverage will depend upon the specific type of work you do; an accountant, for example, will have vastly different insurance needs than an electrician. But what remains constant is that, as a business owner of any type, you can easily be subject to claims and allegations by unhappy clients, and these clients usually feel they’ve been harmed by your actions – or inactions – and want to remedy the situation. With errors and omissions business insurance, the work done and services provided by you, your business and your staff members – both salaried and hourly employees, as well as subcontractors working on behalf of your business – are covered. Errors & omissions insurance also typically covers court costs, as well as settlement costs as specified by the particulars of your contract.
At EAB Insurance, we recognize that the potential for mistakes can happen, regardless of how well you plan. Those mistakes can take a toll on your business and affect your financial security. Our errors and omissions insurance brokers work with several companies to provide E&O coverage that can be customized to the unique risks faced by your company. Our coverage offers protection for an array of exposures and losses resulting from negligence or E&O in your performance of professional services.
All of our risk-management programs can be similarly tailored to meet your business insurance needs. By getting to know you first, we provide customized business insurance coverage options that are created just for you. In addition to errors & omissions insurance, our business coverage options include: business auto insurance; business lines; business owners insurance; commercial umbrella liability insurance; commercial flood insurance; workers compensation insurance; payroll services; and property and liability insurance.
Contact EAB Insurance today to speak to one of our qualified errors and omissions insurance brokers, and we’ll he