Don't leave everything to chance; keep yourself protected with an insurance
Mistakes happen. But even an innocent error on your part could lead to a client bringing a lawsuit against you for negligence. Errors and Omissions Liability policy can help you and your company pay for legal judgments or settlements. It also covers defense costs, which can be substantial even if you’re not found liable.
Business liability insurance covers losses related to bodily injury, property damage or advertising injury. But what happens when a printer neglects to catch a typographic error on a large order of engraved wedding invitations? Or when a plumbing repair fails and causes an entire office to be flooded? That’s where Errors and Omissions insurance can help.
E&O insurance is a kind of specialized liability protection against losses not covered by traditional liability insurance. It protects you and your business from claims if a client sues for negligent acts, errors or omissions committed during business activities that result in a financial loss.
Errors and omissions insurance helps protect your business from claims of:
If someone sues your business for making a mistake in the professional services you’ve provided, this insurance can help cover your:
Errors and omissions insurance only help cover claims if:
The retroactive date means incidents that happen on or after a certain date in your policy are eligible for coverage. The extended reporting period helps cover claims filed within a certain period after your policy expires.
Without errors and omissions insurance, the cost of liability claims can be so expensive that they could put your business at risk of closing. Even if your customer drops their claim, your legal expenses could still be thousands of dollars. And if you’re found at fault or agree to settle the claim out of court, you can expect to pay a large amount out of pocket.
That’s why it’s important to protect your business with errors and omissions coverage. E&O insurance is typically customized to meet specific needs of a business or industry. We can help you find the right coverage, contact us today to know more !
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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