Errors & Omissions Insurance
Errors and Omissions (E&O) is a type of business insurance designed to cover the liability cost when you as an individual or someone in your company is ruled as having failed to deliver a promised service or made an error that cost the client financially. It may also be used if the service performed did not achieve the desired or agreed upon result. It is often called Professional Liability Insurance for accountants, lawyers, notary publics, or other professional service providers. In the health care field, it is generally referred to as malpractice insurance. Professions that could benefit from errors and omissions insurance could also include advertising agencies, real estate agencies, even lawn care businesses! Any business that provides services for a fee and can’t afford to lose a civil lawsuit resulting in huge financial losses should add this policy to their portfolio.
An Errors and Omissions policy not only covers the cost of the error, but also covers the legal costs. Even if the suit does not result in a judgment against you, the defense costs can be astronomical and many businesses, especially small ones, will feel the loss of those unnecessary expenses for years.
Errors and Omissions Insurance
Professional Liability Insurance
Brown Insurance Services will work with you to match you with the right professional liability insurance policy for your business and level of risk. Every policy is designed from scratch for each business and includes very specific information about the types of situations in which your business could be at risk. For instance, not all policies include payment of punitive damages in a lawsuit which may not be an issue for some but could be a huge financial burden for others depending on the nature of the business. A real estate professional will have very different risks than a wedding planner for instance. There is no cookie-cutter policy for errors and omissions insurance. That’s where we come in. We understand that every business is different and will work with you to determine the right policy for you.
Depending on the class, location, and claims experience of your business, rates for errors and omissions insurance will vary. When working to understand the best business insurance policy, we’ll ask lots of questions, including those surrounding any claims you’ve experienced in the past to really understand your needs.
Contact us today for a professional consultation on the best professional liability insurance for your needs.
