Errors & Omissions Insurance
Errors and Omissions Insurance is a type of professional liability insurance. It protects businesses and their employees against claims of negligence. Anyone who provides a service requires this kind of insurance.
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Errors and Omissions Insurance is a type of professional liability insurance. It protects businesses and their employees against claims of negligence. Anyone who provides a service requires this kind of insurance.
Starting from $30/month.
Errors and Omissions insurance covers you and your business from any loss due to a service you provided, or from damages associated with negligence claims. It differs from General Liability Insurance in that it mostly protects you from misconduct, or failure to provide a service as advertised. This kind of coverage is essential for anyone in business and typically includes:
Professional Services
This protects you from negligent acts, errors or omissions related to your services. For example, you can face a lawsuit claiming you failed to deliver a service as promised, and be forced to cover legal costs that could sink your business.
Products
This protects you should a product you sell failed to function as intended, or caused physical injury. In either case you could be sued
Errors and Omissions insurance may not be all you need. Depending on how your business is set up and other factors, you would be wise to be looking at other options to incorporate into your plan. Here are a few types of insurance you might also consider:
Commercial Property
This can protect your equipment, furniture or electronics from loss, theft or damage due to natural disasters or unforeseen circumstances.
Cyber Insurance
This is critical for most businesses, with so much hacking going on today. Protect yourself against loss. This can also help cover the cost of assisting clients when their data has been stolen.
Should your business suffer from a flood or fire or other damage due to natural disasters, this will replace lost income and funding should you need to work out of another location for a time.
With every type of insurance, there are always factors that influence cost. It is important to speak to a broker. Factors can include the industry you are in and the service you offer, your years of experience and number of employees, your annual and projected revenue, and your business size and location.
Errors and Omissions Insurance is targeted and specific, so there are certainly things not covered. It does not protect you against criminal or fraudulent acts – for that you need Crime Insurance. It does not cover violations of security acts. It does not cover losses due to data breaches – for that you need Cyber Insurance. It does not cover you should your business suffer from damage due to a natural disaster and you need to work elsewhere for a while – for that, you need Business Interruption Insurance. There are others, so important to speak to a broker.
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