1. What is Professional Liability (E&O) Insurance?
One can be an expert in their business. However, at times mistakes can happen. When one’s client relies on this mistake and a financial loss happens, they can sue. Is your company prepared for the financial cost? Professional Liability Insurance also is known as Errors and Omissions (E&O) Insurance, helps cover your company.
2. What does Professional Liability (E&O) Insurance Cover?
Professional Liability insurance helps cover the following claims:
Negligence
Misrepresentation
Inaccurate advice
Without this coverage, one would need to pay all legal costs out of pocket.
3. What does Professional Liability (E&O) Insurance Not Cover?
Bodily injury or property damage
Work-related injuries or illnesses
Data Breach
We offer other types of insurance to cover these types of claims.
4. Who needs Professional Liability (E&O) Insurance?
Many types of businesses need and some are required to have professional liability (E&O) insurance.
You will want to get a policy if you do any of the following:
Have to sign a contract that requires you to carry coverage
Offer professional services directly to customers
Regularly give advice to your clients
5. How much does Professional Liability (E&O) Insurance cost?
Each company cost will be unique based on several factors that include:
Coverage limits
Type of business
Location
Business size, number of employees and clients
Years in business
Claims History