E & O Insurance

What is Errors and Omissions insurance?

Error and Omission Insurance is a type of professional liability insurance that protects businesses, their employees, and other professionals from allegations of poor work or negligent behavior. In the event that a client claims a financial loss for your company's error, omission, or otherwise negligent Error and Omission Insurance will help your business.

What E&O Insurance Covers.

Court expenses and settlements up to the amount indicated in the insurance contract are frequently covered by errors and omissions insurance as well as:

• Failure to fulfill a certain standard of care, particularly one established by a specific profession
• Contract violation
• Errors, or oversights that occur while working
• Failure to fulfill a deadline or provide a promised service to a customer
• Professional blunder

Who Needs E&O Insurance?

This type of liability insurance is typically necessary for companies that provide professional advice or services. Without E&O insurance, a firm can be held accountable for up to millions of dollars in damages, plus the costs of a legal team. E&O insurance is available to insurance brokers, realtors, licensed investment advisers, financial planners, lawyers, others working with legal contracts, and other financial professionals. Outside the financial industry, business-like Nonprofits, general maintenance companies and contractors, engineering firms, and any other corporation or professionals who perform a service, such as wedding planners, doctors, dentists, and other medical professionals.

Why is Errors and Omissions Insurance Important?

A customer may sue a financial expert if they suffer a loss due to an error or oversight made during the application, consultation, or investment decision process. Legal expenses and any damages awarded to the client are covered under E&O insurance.