Errors and Omissions and Professional Liability Insurance
What is Errors and Omissions Insurance?
Errors and omissions insurance covers your company or you individual in the event that you held responsible for a service failed to provide or a service that failed to met the expected or promised results.
Who needs Errors and Omissions Insurance?
If your company provides any type of service for a fee, then your company is at risk for a lawsuit for failing to fulfill promises.
Professional Liability Versus Errors & Omissions
What is the difference between professional liability and errors and omissions insurance? Who needs this coverage, and what protections does it provide? If you’re a little fuzzy about the difference between professional liability (PL) and errors and omissions (E&O) insurance, you’re not alone.
Here is an industry definition (from IRMI) of professional liability: Coverage designed to protect traditional professionals (e.g., physicians) and quasi-professionals (e.g., real estate brokers) against liability incurred as a result of errors and omissions in performing professional services for clients or customers.
Historically, insurance for professionals such as lawyers was called professional liability; policies for quasi-professionals were labeled E&O. However, insurance companies now tend to use the terms interchangeably.
Both PL and E&O policies cover economic losses suffered by third parties but not property damage — which is typically covered under your general liability policy. Most PL and E&O policies exclude coverage for bodily injury — with the key exception of professional liability/medical malpractice for doctors.
Who Needs Coverage?
In addition to lawyers, doctors and accountants, many businesses need PL insurance. You don’t have to consider yourself a “professional” to need coverage for negligent acts. If you give advice and recommendations, if you create programs or products for your customers or if you provide a service, you need liability protection.
Here are just a few of the professions we serve ...
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