Professional Liability/Errors & Omissions Insurance
Errors and Omissions (E&O) insurance is business liability insurance put in place to protect professionals in the event of an error or omission during a transaction. When a mistake during a transaction causes financial harm to another party and a lawsuit is filed, a claim could be made to defend the insured party. When a claim for your E&O policy is filed, the defense costs associated with the lawsuit will be paid by the policy, not the business or professional. By protecting your exposure to high legal costs, E&O allows you to properly defend yourself without breaking the bank. E&O is also known as Malpractice insurance depending on the specific industry it is being applied to. In conclusion, Errors and Omission insurance delivers protection in the event an error or omission on your behalf has caused monetary loss for your client. The most commonly known professions that need E&O insurance are lawyers, doctors, accountants, etc.
If you find yourself in one of these professions, get in touch with our professionals today for a free review and quote to help protect you and your business!