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Is your business safeguarded against potential claims that may be filed against you or one of your professional colleagues? Unfortunately, many professional service providers and consultants find out the hard way that they can be vulnerable to certain lawsuits if their clients find faults in the services they offer. As it stands, that’s where professional liability insurance can come in handy.
Widely known as errors and omission insurance (E&O), this insurance policy helps protect professional individuals and companies who provide advice and/or services from bearing the full cost of defending against a negligence claim made by a client as well as damages awarded in a lawsuit. The coverage focuses on the alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder.
Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
If your company provides advice or a service to client for a fee, you have an E&O exposure. Typical examples of professions that require this type of coverage are:
A Professional Liability policy is not nearly as expensive as people think. Depending on the type of service your company offers, a policy can start as low as $700 annually. Please contact one of our 90 locations for a free, no-obligation quote for E&O insurance.