Errors and Omissions

Errors and Omissions Insurance

Also known as E&O or Professional Liability Insurance, Errors and Omissions Insurance is a liability insurance, similar to medical malpractice insurance. This type of insurance policy offers coverage for your business against potential liability claims. The insurance comes in handy when you offer services to a client, who then sues you against those services or claims that you failed to provide services properly, which caused a loss– perceived to be your fault. Put another way, it covers you when someone relies on your advice or professional knowledge.

Errors and Omissions Insurance covers attorney fees, cost of judgments and settlements. Since a standard business owners liability policy does not cover errors and omission claims, you need to purchase a separate policy for this type of coverage.

Who needs Errors and Omissions Insurance?

Businesses in the sales, design, service, or consultation industries, such as advertising, web design, real estate, home inspection, finance, event planning, have a high potential for such claims. Engineering, law, accounting, medicine, chiropractic professionals experience these claims on a regular basis. There are smaller inexpensive policies for industries such as photography, and foreign language transcription.

Purchasing Errors and Omissions Insurance

Errors and Omissions Insurance offers peace of mind and protects your business from being in a financial bind. Any professional service provider or business can be sued for accusations of negligence or failure to perform duties properly, even if it has made no mistake.

Consider Errors and Omissions Insurance if your business:

Contents and inventories are also important things to consider for coverage. If a fire ripped through a warehouse that stored thousands of dollars of inventory, it would be a financial crisis without property coverage. Do not to forget to add coverage for sprinkler leakage if the building you occupy has sprinklers.
Provides a professional service
Is required by clients to have such type of insurance

Errors and Omissions insurance coverage is an essential part of protecting your business.

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