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Errors & Omissions

Why do you need errors and omissions insurance coverage? Errors and omissions coverage, also known as professional liability insurance, provides protection for your professional services business from claims of negligence or failing to perform your professional duties.

As a business owner, you carry business liability insurance. Business liability insurance covers losses related to bodily injury, property damage or advertising injury. Errors and Omissions Insurance fills in the gaps of your business liability insurance coverage:

  • Alleged or actual negligence
  • Defense costs
  • Personal Injury (i.e. Libel or Slander)
  • Copyright infringement
  • Claims arising from past serives

Costly mistakes can happen – even to people with the best training and years of experience. It’s human nature. That’s why errors and omissions insurance is so important.

Errors and omissions insurance policies vary from company to company, and are written to reflect inherent risks and common exposures particular to different types of businesses. Some events resulting in a loss for a client may have occurred several years in the past, and the first time the mistake is apparent is when a court summons arrives in the mail. That’s when the retroactive date on the policy is very important. The farther back the retroactive date of the policy, the more coverage and protection it offers. Even if claims are found to be unwarranted, legal fees and other related expenses can quickly eat up a company’s cash reserves in no time, causing a financial hardship. Most errors and omissions insurance policies cover judgments, attorney fees, court costs and settlements up to the limits of the policy.


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