Errors and omissions insurance helps protect your business from claims of:

• Negligence
• Errors in services given
• Omissions
• Misrepresentation
• Violation of good faith and fair dealing
• Inaccurate advice

If someone sues your business for making a mistake in the professional services you’ve provided, this insurance can help cover your:

• Attorney fees, which can cost an average of $3,000 to $150,000.
• Court costs, like reserving a courtroom or paying for expert witnesses.
• Administrative costs to put your defense together, such as paying office managers or court reporters.
• Settlements and judgments, which can cost a couple thousand to millions of dollars.

Errors and omissions insurance only help cover claims if:

• It’s filed within your policy period or the extended reporting period
• The incident occurred on or after your retroactive date

The retroactive date means incidents that happen on or after a certain date in your policy are eligible for coverage. The extended reporting period helps cover claims filed within a certain period after your policy expires.

Without errors and omissions insurance, the cost of liability claims can be so expensive that they could put your business at risk of closing. Even if your customer drops their claim, your legal expenses could still be thousands of dollars. And if you’re found at fault or agree to settle the claim out of court, you can expect to pay a large amount out of pocket.

That’s why it’s important to protect your business with errors and omissions coverage. E&O insurance is typically customized to meet specific needs of a business or industry. We can help you find the right coverage. Contact us today to know more!