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Errors and Omissions Insurance

Because one mistake can change everything.

Errors and Omissions Insurance (E&O Insurance) is business liability insurance for professionals who incur specific risks in their fields. No matter what profession you’re in, an error or omission—even a simple mistake--which causes financial harm to another can put you at risk. E&O helps protect you or your company from bearing the full cost of defense for lawsuits that may occur. This is a separate coverage from your standard general liability or property insurance.

How Does Errors and Omissions Insurance Protect You?

In general, E&O insurance helps pay for defense costs and damage awards that may be associated with professional liability claims. Defense costs, for example, can run into the thousands of dollars, even if you are eventually vindicated, so it’s an important coverage to have.

A Professional liability claim must allege negligence in either the performance of or failure to perform Professional Services. Errors and omissions insurance policies, much like Directors and Officers Liability Insurance, have a specific limit of liability and usually include both legal costs and damage awards in a single limit. E&O insurance does not cover intentional, fraudulent or illegal activities or in most policies, punitive damages. Remember all policies are unique, therefore not all claims may be covered. Read your policy carefully, and if you need assistance, we’re ready to help. Contact us now…and let’s get started!