Errors and Omissions Insurance
Errors and Omissions (E&O) Insurance offers businesses essential protection against claims of negligence, mistakes, or failure to deliver services as promised. Designed to safeguard professionals and businesses, E&O Insurance ensures that you are covered in case things go wrong, even when you did everything right.
What is Errors and Omissions Insurance
Errors and Omissions Insurance, also known as Professional Liability Insurance, is a type of coverage that protects businesses and professionals against financial loss claims made by clients for mistakes, oversights, delay or failure to perform services. This insurance is critical for industries where advice, recommendations, or services are provided to clients, ensuring businesses are protected from lawsuits that might arise from their professional activities.
SAVIOUR, YEAH TIME-SAVIOR
All in one
Errors and Omissions Insurance
Protecting your business against costly legal battles and compensation claims
Legal Expenses
Covers costs of defending against claims, including court and attorney fees.
Professional Mistakes
Addresses claims arising from professional errors or omissions.
Negligence Claims
Protection against accusations of negligence in performing professional duties
Breach of Duty
Provides coverage for unintentional breach of duty, confidentiality, or trust.
Intellectual Property
Covers unintentional infringement of intellectual property excluding patents and trade secrets.
Loss of Documents/Data
Covers losses related to client data or documents.
Mitigation Costs
Costs incurred to prevent further damages after an error is discovered
Outstanding Fees
Compensation for unpaid fees when a client refuses to pay due to an error or omission in the professional service provided.
Intentional Wrongdoing
Claims arising from intentional misconduct or fraud are not covered.
Bodily Injury
Injuries to clients or employees are not covered under E&O insurance.
Property Damage
Damage to physical property, like buildings or equipment, is not covered.
Contractual Breaches
E&O insurance does not cover breaches of contract that are not related to professional negligence.
Disclaimer: Explanations in "What's Included" are illustrative and subject to the Policy's terms, conditions, and exclusions. Refer to the Policy Document for details.
Why Should You Get A
Errors and Omissions Insurance ?
Protect Your Business
Errors and Omission insurance ensures you are not financially exposed if a client claims your service or advice led to a loss.
Boost Client Confidence
Clients are more likely to trust a business that is insured against potential mistakes or failures in services.
Reduce Financial Risk
Legal fees, settlements, and damages can be expensive. E&O Insurance can cover these costs, saving your business from financial strain.
Stay Competitive
Having E&O Insurance in place demonstrates professionalism and commitment to high-quality service, helping your business stand out.
Compliance
In some industries, E&O insurance is a legal or regulatory requirement, making it necessary for continued operations.
All Industries For
Errors and Omissions Insurance
In the world of professional services, unexpected problems can arise that may put your business at risk.
Things You
Probably Wonder
Errors and Omissions Insurance is a type of coverage that protects businesses and professionals against legal claims related to mistakes, oversights, or failure to perform services.
If your business provides advice or services to clients, it’s highly recommended. It helps protect you from lawsuits that could threaten your business’s financial stability.
E&O insurance covers legal defense costs, settlements, and damages related to errors or omissions made in the course of providing professional services.
Businesses in industries like software development ,consulting, law, healthcare, technology, and services company can all benefit from E&O insurance to protect themselves against client claims.
The cost varies depending on the size of your business, the industry you operate in, and the level of coverage you require. However, it’s often a small price to pay compared to the potential cost of a lawsuit.