What is it?
Professional liability insurance, also called errors & omissions (E&O) protects your business if you are sued for negligence or mistakes while performing your services, even if you haven't made a mistake.
Alleged or actual negligence–provides coverage for you or your company against alleged claims of negligent or inadequate work.
Defense costs–provides legal defense and coverage for judgments and settlements to arise out of such allegation.
Services performed in the past–can also offer coverage for claims from services provided in the past (depending on your coverage).
Do I need it?
You should consider this coverage if you answer yes to one or more of these questions:
Do you provide services for a fee?
Do you regularly give advice?
Are you required by your clients to carry E&O?
Whether you’re prone to making mistakes or not, let’s face it: We live in a litigious age. You could be sued even when you did everything right, yet be stuck paying thousands of dollars defending yourself in a lawsuit anyway.
Depending on your industry, your insurance needs will vary.
How do I get started?
Be as detailed as you can. You may also want to get together resumes, contracts and financials, and your employee handbook, as many insurers will request copies.
The more info you provide that proves credibility (i.e. quality control procedures and/or training procedures), the easier it will be for us to get you a good rate.