Errors and omissions insurance, which is also known as E&O or professional liability insurance is important for any business with employees who may make mistakes in their work. With Errors and omissions insurance (E&O), you can be sure that your company is protected against claims of inadequate work or negligent actions.
Errors and omissions insurance is a way to protect your business from potential claims. This helps avoid any financial losses that could occur because you were not aware of what happened.
What Does E&O Insurance Covers?
Errors and omissions insurance helps protect your business from claims of :
- Inaccurate advice
- Errors in services given
- Violation of good faith and fair dealing
Your business might need Errors and omissions or professional service liability insurance to protect itself from lawsuits. This coverage can help cover the costs of:
- Attorney’s fees, which on average may cost $3,000-$150 thousand • Court fees like reserving a courtroom or paying for expert witnesses
- Administrative expenses such as putting together your defence with office managers and court reporters are needed in settling disputes over bad work completed by you (i.e., Settlements).
Errors and omissions insurance is a great way to protect yourself from financial loss. It only works for incidents occurring up until or after an extended reporting period which means it will help cover cases filed within this time frame according to what’s written in black letter law, but there are certain conditions needed before they can do so such as having been reported during their date range (which refers back-) or even sooner depending upon where you live geographically at least
Why Do You Need Errors & Omissions Insurance?
Errors and omissions insurance can be the difference between keeping your business open or losing it. Even if a customer drops their claim, you could still face thousands in legal fees for defending yourself against claims that were never filed – not just those where customers seek compensation from you as well! That’s why we recommend Errors & Omission Insurance: Protecting Your Business Against Risk Is Easier Than You Think.
Who Needs E&O Insurance?
An E&O insurance policy is an essential component of any business that provides a service to customers. It protects the company from errors and omissions, which includes:
- Advertising firms
- Website developers
- Consulting companies
- Engineers and engineering firms
- Printing and publishing companies
What Errors and Omissions Insurance Doesn’t Cover
Errors and omissions insurance is a great way to protect your business from costly lawsuits, but it doesn’t cover every type of liability claim. E&O policies only provide protection for events that happen after the policy was purchased or extended reporting period has passed; therefore, they cannot help you if there have been errors & mistakes committed before this time frame.
Errors and Omissions Insurance Cost:
Every business has unique needs, so your errors and omissions insurance will cost a price that’s specific to your company. However, no matter what you pay when considering all the costs of mistakes on top even if it seems like something small-paying an E&O premium is worth every penny!
Learn More About Errors and Omissions Insurance From SSIS
We’ve been in the business for over 50 years. We know what your business needs and can provide you with an insurance quote that will help protect it!
Get started by getting an online estimate of Errors and Omissions Insurance today so we get started protecting your business right away!