Professional liability protection.
Errors and Omissions (E&O) is a form of liability insurance that helps protect professional advice and service-providing individuals, and companies, against the full cost of defending negligence claims made by a client, and damages awarded in such a civil lawsuit.
The coverage focuses on alleged claims of inadequate work or negligent actions. These are causes for legal action that are not typically covered by a more general liability insurance policy.
Professional liability insurance may take on different forms and names depending on the profession. Sometimes coverage is required while under contract by other businesses that are the beneficiaries of the advice or service.
Who needs E&O Insurance?
E&O insurance is a smart option for many different types of businesses. Including, anyone who gives advice, makes educated recommendations, designs solutions, represents the needs of others, and more can benefit from it.
How much E&O insurance do you need?
The amount of errors and omissions insurance you need will vary depending on your business type and your level of risk. Errors and omissions coverage typically covers costs up to a predetermined dollar amount.
Contact your local Marshall & Sterling office to review how errors and omissions coverage can fit into your overall business insurance portfolio.