Professional Errors and Omissions (E&O) Insurance
Every professional does their best to ensure that they’re serving their clients and doing their job well. In any field, however, mistakes can occur, and errors and omissions allegations (whether true or false) can be brought against you or your company. That’s why many professionals choose to purchase errors and omissions insurance (also known as professional liability insurance). That way, in the event that you are faced with an allegation of negligence or malpractice, you and your business will be protected from financial loss.
How Does Errors and Omissions Insurance Work?
Most businesses and professionals operate under a general liability insurance policy. This policy protects you or your company in the event of legal action brought against you as a result of property damage or personal injury. This policy, however, does not cover you in the event of alleged neglect or malpractice. For this reason, many people choose to purchase errors and omissions insurance in addition to their general liability insurance policy to ensure that their business if fully protected.
Do I Need Errors and Omissions Insurance?
Some professionals or organizations are required to purchase errors and omissions insurance in order to operate. Even if this type of insurance is not required, many clients will only work with businesses that are covered; if you’re acting on behalf of a client, it’s not only your reputation and financial future that’s on the line but your client’s as well. Additionally, in the unfortunate event that a malpractice lawsuit is brought against you or your company, the defence costs can be devastating for your business, even if you’re not found to be at fault. With professional errors and omissions insurance, not only will you be able to act as a better ally to clients and colleagues; you’ll also be protected from financial damages should you have to defend your professional actions in court.
Who Can Benefit from Professional Errors and Omissions Insurance?
We offer professional errors and omissions insurance for a variety of professionals including:
- Real estate agents
- Finance professionals
- Marketing professionals
- Travel agents
- Claims adjustors
- and more…
We also offer errors and omissions insurance coverage for a variety of organizations including:
- Educational institutions
- Not for profit organizations
- Business and professional associations
- Employment agencies
- Marketing firms
- Financial organizations
- and more…
Tips from First Foundation
To ensure that your business is fully protected, consider purchasing your general liability insurance and your professional errors and insurance policy from the same broker. Not only will you be able ensure that you have the maximum amount of coverage; you may also be able to obtain a lower premium price by purchasing these two policies together.
Want to know more about professional errors and omissions insurance? Talk to us today or fill out the form below for your free errors and omissions insurance quote.