Professional Liability / Errors & Omissions Insurance
Regardless of how meticulously you plan, how many risk management strategies you put in place, and how well you train your employees, mistakes happen.
And if that mistake harms a client’s business, damages their reputation or costs them money – your company may be liable.
If your business provides services for fees, you’re exposing yourself to potential lawsuits. In fact, any contractor, business owner or individual who makes a recommendation, provides a service, designs a solution, or even offers an opinion runs the risk of incurring a professional liability lawsuit.
Professional Liability Insurance Coverage Options
Also known as errors and omissions insurance, or E&O, such policies generally provide protection for risks not covered by general liability insurance including:
- Coverage for failure to render professional services
- Legal defense expenses incurred during a lawsuit, regardless of fault
- Negligence, or alleged mistakes your company makes
- Reimbursement for licensing board issues
- Court costs and settlements
- Services previously performed, including services completed up to a certain time frame
In our increasingly litigious society, professional liability insurance provides not only a layer of protection against costly lawsuits, it also offers peace of mind. After all, you never know when a client might decide that your work failed to meet their expectations – and decide to sue.