Professional/Errors & Omissions Liability

What is Professional/E&O Liability?

Errors & Omissions Liability insurance covers your company, or you individually, in the event that a client holds you responsible for a service you provided, or failed to provide, that did not have the expected or promised result. For doctors, dentists, chiropractors, etc., it is often called malpractice insurance. For lawyers, accountants, architects or engineers, it may be called professional liability. Whatever you call it, it covers you for errors or omissions that you have made or that the client perceives you have made.

Who needs Professional/E&O Liability Insurance?

As you may already know, business liability insurance covers losses related to bodily injury, property damage or advertising injury. But what happens, and who pays, when a printer neglects to catch a typographic error on a large order of engraved wedding invitations? Or when a plumbing repair fails and causes an entire office building to flood? If you’re a business that provides a service to clients for a fee, then you need Errors & Omissions Liability Insurance.

When Should You Buy Coverage?

As with any insurance, the best time to buy an Errors & Omissions policy is before the risk is taken. If you are in the service industry and you know you will have the exposure, make E & O insurance a part of your insurance portfolio. Many contracts with clients will require insurance to be in place. In some cases, it is a selling point with your clients. It gives them peace of mind knowing they will be compensated if there is an error or omissions.

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