What is E&O insurance?
Errors and omssions insurance covers your company or individuals if you are held responsible for a service you provided, failed to provide, or that did not have the expected outcome. For medical professionals it is often called malpractice insurance. For lawyers, accountants, real estate agents or engineers, it may be called professional liability. This type of insurance covers you for errors or omissions that you have made, or that the client infers you have made.
These type of policies cover judgments, settlements and legal defense costs. If the allegations are found to be baseless, several thousand dollars may be needed to defend the claim or suit. These claims can bring financial disaster on a small company or individual and have a lasting effect on large companies as well.
Who needs E&O insurance?
The typical professional that need E&O insurance are physicians, lawyers, CPAs, architects, engineers, realtors, and more. Some of the business that are less thought of as needing E&O insurance but need it just the same are advertising agencies, website developers, and event planners. If you are in any service industry and are there to make a profit, you have an E&O exposure.
Contact your Ryan Everet Agent now at 972-505-3899 or click here for more information on options and coverages that align with your business needs.