Errors & Omissions, Directors & Officers
What is Errors & Omissions? Plus Directors & Officers Information
Errors and Omissions insurance (also known as E&O or similarly Directors and Officers), provides coverage for you and your business when you are held responsible for a service provided, or failure to provide a service, that did not have the expected results.
E&O has a variety of names for similar insurance coverage plans. Directors and Officers is a common one you may hear. For doctors, dentists, and other healthcare providers, you might call this malpractice insurance. For professionals like lawyers, accountants, or engineers, you often have the policy referred to as professional liability. Our point is regardless of its name, E&O insurance covers any error or omission that either you have made or that the client perceives you have made.
You have probably noticed the number of liability lawsuits against professionals has increased in recent years. Regardless of whether you have a small cleaning business or a larger professional company, you can experience an impact on your bottom line or even go bankrupt from the cost of lawsuits. Only a proper E&O policy covers your legal fees and settlements in such scenarios, regardless of fault.
Who benefits from your errors and omissions insurance policy?
If your business provides a service for a fee, you have an E&O exposure. Have you thought about what could happen if your do not provide proper service or your service is not performed in a timely manner? Even with quality employees and risk management practices in place, your workers can still make mistakes, and a general liability policy may not cover your needs. Errors and Omissions insurance will protect those a part of your business and your finances if such an event arises.
Get started today!
There is no such thing as a typical E&O or Directors and Officers policy that will perfectly fit your needs. We will evaluate your business to determine your specific exposures and help you get the coverage you need. If you think you might need an E&O insurance policy, contact us!