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Error & Omissions Insurance
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Error & Omissions Insurance 

Errors and Omissions Insurance helps protect businesses from claims relating to an error or omission (mistake) in providing professional services that can lead to a lawsuit. An error or omission can occur on almost any transaction. It doesn’t matter how long you have been in business or how good you are. All Professional Service Firms are at risk.  E&O insurance programs help provide protection for the busy professional from the liability associated with such errors, mistakes or omissions.



Error and Omissions Insurance FAQ


Why Do I need Errors and Omissions Insurance?

Any professional can be sued for an error or omission. Even the most diligent professional can be held liable or be sued for a professional error, omission or mistake. Error and omissions insurance helps protect a professional both for claims relating to mistakes and claims relating to allegations of errors or omissions. Defense costs are a significant portion of the cost of an errors and omissions insurance policy. It is not uncommon for a professional to spend thousands of dollars on defense costs for a matter that ultimately gets dismissed.

Who is Eligible for Errors and Omissions Insurance?

While errors and omissions insurance has been a hot item for doctors, lawyers, financial services professionals and realtors, all businesses face professional liability risk. To determine whether you need E&O, ask yourself : "Can I afford to wage or lose a civil lawsuit arising out of professional error on my part?" For the majority of small businesses, the answer is no. That's because the American legal system tends to severely punish professional error with award judgments in seven figures and up. Even if you win a lawsuit, there's the question of paying the lawyers.

If you subject E&O to a quick risk-benefit analysis, you'll see that the annual premium, which is generally affordable, yet varied depending on how many individual employees you insure, and the nature of your business, is well worth the protection. Remember, the vast majority of small businesses can be shut down by a single unfavorable ruling in court 

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