Errors and Omissions Insurance : A Quick Synopsis

Unfortunately, accidents happen. Even the most meticulous professionals can make a simple mistake, whether it’s missing an important deadline, making a bookkeeping error, or just plain overlooking something. That’s why consummate pros can find themselves embroiled in costly and lengthy legal battles no matter how careful they are. Nobody wants to face litigation. No matter who you are or how conscientious you are about your responsibilities, you need to protect yourself and your business with e & o insurance.

What is E and O Insurance?

Sadly, even if a claim against you is completely groundless and is based only on a “perceived” error, it can cost you thousands of dollars in legal fees. Errors and Omissions insurance protects you and your business in the event you are held responsible for advice you gave, service you provided, or service you failed to provide. In addition to the legal expense, include your loss of wages. After all, you’ll spend your time defending yourself when you could be working. To work without e & o insurance is risky. Why risk your livelihood? E and o insurance can cover give you the protection and peace of mind you need.

Should you get Errors and Omissions Insurance Coverage?

If you are a professional providing services for a fee, then you face financial risk and should have e and o insurance. Simply put, it’s professional liability coverage used by agents, brokers, inspectors and the like who deal with financial transactions. Some states even require e & o insurance.

When Should you get E&O insurance?

As soon as you are working, you should have e and o coverage. You may think it’s wiser to put it off to some later date, but mistakes or conflict can happen anytime. It’s best you have e and o insurance at the onset.

Doesn’t my General Liability Policy Cover me?

If you have a general or commercial liability policy that covers “bodily injury” or “property damage,” it doesn’t cover service professionals comprehensively. Service professionals are involved in transactions that have unique risks—not to mention the possibility of huge financial losses by clients—which are not included in those policies. Errors and omissions insurance is comprehensive, offering service personnel complete protection.

 

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