Even if you’re a seasoned pro at the top of your game, you’re still human (we’re assuming), and being human comes with the unfortunate reality of making mistakes. If you work in a field that offers services or advice to others, these inevitable mistakes come with much higher consequences, not only to you, but also to your reputation.
Thankfully, there’s coverage that can help you keep a tight grip on your street cred if anything goes sour. Our independent agents have the lowdown on E&O insurance and can walk you through top options, so you can find the best policy for you and your piggy bank.
E&O insurance, aka professional liability insurance, is a type of liability insurance that will help pay for any damages a professional error may cause. Damages are typically costs affiliated with claims made by a client for things like negligence, misrepresentation, and inaccurate advice, among others.
Sometimes advice or services don’t go as planned, and those errors could spell disaster for all the parties involved. E&O coverage is there to help keep your business afloat if faced with a potentially bank-breaking lawsuit.
E&O insurance is not mandatory, but it could be argued that it’s vital to the survival of certain professions. These include anything that involves providing advice or a service and extend across a number of industries.
Examples of those who would need errors and omissions Insurance:
There are also professions with less life-or-death scenarios. Insurance agents and accountants could make a mistake that costs their client big stacks of cash. Any businesses with an inherent risk of human error should consider getting E&O insurance, simply for peace of mind.
If a business or person commits a wrongful act, E&O insurance pays for the sums those professionals are legally obligated to pay because of the error.
It will generally pay for:
What it won’t pay for is a tad more complex. Here are a few instances to familiarize yourself with, just in case you have any big plans for getting sued in the future.
It won’t pay:
E&O insurance can cost anywhere from a couple thousand to hundreds of thousands of dollars. What it costs is mainly based on the revenue of the agency or individual that wants coverage. Other factors can include location, materials used, and other inherent risks.
Insurance shopping can be made easy with help from an independent agent. They find and compare E&O insurance quotes from multiple carriers for you. They break down the nitty gritty in human terms, so you can feel positive about finding the best coverage for your business, your budget and your customers.
Our stellar agents will review the needs of your business to find the E&O insurance that makes sense for you. They find information about policies and quotes from multiple insurance companies, so your peace of mind about the right protection is guaranteed.