Errors and Omissions / Professional Liability Insurance
Despite your best efforts to maintain the highest standard of conduct in business, there is always the risk of falling short due to some sort of error or omission by someone at your company.
In this context, error or omission can refer to negligence, inadequate work, misrepresentation and breach of good faith. Keep in mind that some potential clients will actually insist that any companies they work with have errors and omissions insurance in effect.
Features For Errors And Omissions Insurance
Specific features that you can get in a policy for errors and omissions insurance include, but are not limited to, the following:
- Defense
- Specifically, defense coverage for proceedings of a disciplinary nature
- Representations
- Flexible limit options
- Additional defense coverage
If a client blames your company for financial hit stemming from an error or omission, you will need insurance coverage that goes beyond what is typically covered in a general liability insurance policy. General liability insurance is applicable only for cases such as property damage, bodily injury and personal injury.
Errors and omissions insurance, otherwise known as professional liability insurance, will provide you with the coverage you need should a client blame your company for a financial loss. It makes good business sense to provide your company and its employees with professional liability insurance so that courts costs and potential settlements are covered.
Even if you are certain that the allegations are frivolous and without basis, the costs associated with defending your company or employee can go through the proverbial roof. Without this sort of coverage, costs can definitely add up quickly, particularly for a small business. That is why it makes sense to get a professional liability insurance quote and to consider your options for professional liability insurance.
We cover a wide range of professionals that include, but are not limited to, the following:
- Bookkeepers
- Mediators
- Data processors
- Travel agents
- Accountants
If your line of business entails performing work for customers or advising customers, you need to keep in mind that negligence, error or simple misunderstandings can result in your being sued for damages. So even if errors and omissions insurance is not mandatory – whether by the request of clients or by the law – it is always a good idea to have it just in case.
As always, we at W.B. White Insurance are here to answer your questions and to provide you with insurance options that meet your needs. Professional liability insurance is a business necessity, so call us today for a professional liability insurance quote.
One thing that you need to understand is that errors and omissions policies differ depending on the coverage provider. Depending on who you sign up with, for instance, your policy might not extend to temporary workers and may not cover work completed prior to the policy coming into effect. Considering that there are various things to consider before selecting a policy, it’s essential that you get in touch with our expert team so we can provide you with a competitive professional liability insurance quote.
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