Errors and Omissions Insurance
Errors and omissions insurance, or E&O insurance for short (also know as professional liability insurance, malpractice insurance and professional indemnity insurance), is our main area of business insurance expertise. We are experienced in providing competitively priced errors and omissions insurance solutions for any type of business in Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia and Washington. We can help you to find the best errors and omissions insurance coverage for your business at the best price, regardless of the type of business that you own/operate. We offer specialized errors and omissions insurance solutions for engineers, architects, construction project managers as well as all types of consultants and a multitude of other classes of businesses – click here for a detailed list.
What is Errors and Omissions Insurance?
Errors and omissions insurance (E&O insurance for short), which is synonymous with professional liability insurance, malpractice insurance and professional indemnity insurance, is a form of business liability insurance that is meant to protect a professional when a client or customer claims that they are responsible for a service provided that did not end with the promised or expected results. Businesses that provide professional services, can be potentially sued by a client if they feel that you have made an error and/or omission in your work (hence the name errors and omissions). By carrying errors and omissions insurance, a business is protected against claims and lawsuits that arise due to mistakes that may lead to a financial loss for the end client. For most businesses, these types of claims can only be picked up by an errors and omissions insurance policy.
What is the Difference Between Errors and Omissions (E&O) and Professional Liability?
Errors and omissions insurance (E&O) and professional liability insurance are synonymous terms, as are malpractice insurance and professional indemnity insurance, therefore making them all in essence the same types of business liability insurance coverage, as outlined above. The term errors and omissions is often used by professionals such as engineers and architects. The term professional liability is more commonly associated with other professions such as consultants of various types. Malpractice insurance is most commonly used by professionals in the medical field such as physicians and dentists. Professional indemnity insurance is the least commonly used term of the bunch, and can be used by any type of professional or business. All of these terms are however often used loosely regardless of the type of services being provided, so it can also be common for a engineer to refer to their insurance as professional liability whereas psychologist might call their coverage errors and omissions.
What Types of Businesses Need Errors and Omissions Insurance?
- Marketing & Advertising Services
- IT & Technology Services
- Construction Project Managers
- Other Professionals
Business and professionals of virtually any type that provide professional services to their clients for a fee often have a very strong need for errors and omissions insurance. To view a full list of the types of professionals and businesses that we are able to offer errors and omissions coverage for, click here. Not sure if your business has a need for errors and omissions insurance? Contact us today for a free consultation.
Why Does My Company Need Errors and Omissions Insurance Coverage?
Professionals and businesses that provide professional services are taking a serious financial risk if they don’t carry errors and omissions insurance, as mistakes can occur at any time to even the most diligent of professionals. Just being accused of a mistake or error can result in any business with being faced with a lawsuit. Legal fees and other related costs that come with defending against a lawsuit can reach into the tens or hundreds of thousands of dollars. Some businesses make the mistake of assuming that their general liability insurance will cover claims related to professional services, which is simply not true in most cases, as general liability insurance policies typically exclude coverage for claims arising from “professional services”.