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Does Your Company Need Errors and Omissions (E & O) Insurance?

If you consult, provide services to others, or sell for others, you should purchase professional insurance. This tailored insurance may help protect you from a potential claim arising from your professional advice or service. In your type of business, a client can hold you responsible for errors or failure in your work. The insurance that best meets your need is called professional liability insurance, malpractice insurance, directors and officers insurance (D&O) or errors and omissions (E & O) insurance.

E & O coverage offers you or your company and your employees additional protection against claims or lawsuits for mistakes or omissions which may have caused financial losses for your client. The insurance can be written to protect you from attorney fees as well as the amount of a settlement if you are found at fault. Consider the following information about the insurance coverage as it relates to your business: Errors & Omissions Insurance can cover W2 employees and 1099 subcontractors, worldwide. Many VCs and other investors require this coverage, including state and federal requirements for licensing and potential jobs. This type of coverage is generally excluded by your Commercial General Liability policy, and if there is additional coverage for this exposure it may have limitations that you may not be aware of.

The following businesses should consider E & O insurance: Real Estate and Home Inspection Consultants Advertising Web, Internet Providers, Programmers, and Graphic Designers Appraisers Florists Building Contractors including Janitorial or Building Operations Financial services Professional services, including attorneys, dentists, doctors and chiropractors Educational Services, K-12 Schools, Universities, Private Post Secondary Education, and Vocational Schools or Technical Schools. The cost of each E & O Insurance contract varies with its specifics. Each contract should be written specifically for you, and should contain the following information:

Dollar amount for each liability Deductible amount for each liability Deductible amount for defense costs A section explaining what the policy is for: "This policy applies to errors, omissions or negligent acts in the course of providing or failing to provide professional services." A section listing the services you provide in as much detail as possible The retroactive date for claims ( unless written by an occurrence form)

Every company can and will make a mistake at some point. Be prepared. Purchase Errors and Omissions coverage to insure your mistakes, your employees mistakes, and even mistakes made by the contractors you hire.

For more information about Errors and Omissions (E & O) Insurance, please visit us at www.eiipro.com

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