Professional Liability Insurance, more commonly known as Errors & Omissions Insurance (E&O), is a specialized liability coverage that protects your company against claims of negligent acts, errors and omissions that result in a financial loss for your client. It typically provides coverage for negligence, misrepresentation, inaccurate advice and violation of good faith and fair dealing, all of which can originate as something as simple as a typo in a calendar or contract. Even if the claim turns out to be groundless, E&O helps cover the cost of legal defense.
As long as your company provides professional services or advice to clients, you should consider purchasing Professional Liability Insurance. E&O usually covers you as the business owner, as well as your employees (both salaried and hourly) and subcontractors working on your behalf.
Despite extensive training and years of experience, one of these employees could unintentionally ruin your entire career or cause significant financial harm for your company. An E&O lawsuit could arise simply due to miscommunication, a forgotten deadline, a misstated fact or a typo in a contract.
Specialized Coverage for Your Business
Every industry poses unique risks and challenges, making it impossible to lump all types of businesses together under a standard policy. Rates and coverage requirements vary depending on industry, just like the types of coverage options and things to consider when purchasing an insurance policy.
At Kuzbiel Insurance Brokers, we help you sort through the insurance options that you should consider if the usage of your car is related to your occupation, profession or business. We offer a variety of insurance products that are specifically tailored to risks unique to your industry and we are always happy to discuss available policy coverages and endorsements. Get a quote today.
For more information about recommended coverage for your business, visit our industry-specific pages: