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.