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Errors & Omissions Insurance (E & O Insurance) / Professional Liability Insurance

Not having Errors and Omission Insurance (E & O) could cause a huge financial loss to your business

Your small business may be very successful but in today’s litigious society.  But are you prepared to cover the costs and stress arising from a professional liablity lawsuit?  Do you have the best errors and omission insurance for your business?

You can protect your business from attorney’s fees, court costs and any liability judgment with an errors and omissions insurance policy, even if the lawsuit if frivolous.

Professional liability insurance coverage provides coverage for your errors or omissions. E & O fills some gaps in the general liability insurance coverage.

Just because you have general liability insurance for your business does not mean that all of your exposures are covered.

General liability insurance provides coverage for property damage, bodily injury and personal injury to others.  What it does not cover is your actual work.

Claim example for illustration:

A contractor is hitred to put up a $10,000 sign in front of a business.  The contracotor fails to properly anchor the sign.  The sign gets blown over on a windy day and lands on someone’s car.  The contactor’s general liability insurance may pay for the damage to the car, but it will not pay for the damage to the sign.  The sign is considered the contractors work product, and therefore excluded form coverage on an unendorsed general liability insurance policy.

Professional liability insurance (E&O Insurance) provides coverage against allegations of financial loss by another party as a result of your actual work.

Who needs professional liability insurance?  

More businesses than you think.

Here is a short list of sample businesses that need professional liability:

  • Attorneys / Lawyers
  • Doctors / Nurses / Dentist
  • Beauticians / Barbers / Nail Techs
  • Pest Control
  • Insurance Agents
  • Home Inspectors
  • Design Build Contractors
  • Carpenters / Contractors
  • Realtors / Real estate agents
  • Assisted Living / Nursing Homes
  • Accountants
  • Personal Trainers
  • any many more

Mistakes happen–especially when you can’t personally be at every job. You don’t want your business health to rely on never making a mistake.

Mistakes can be made by business owners or their employees.  Some policies can be endorsed to also include errors and omissions by subcontractors.

One interesting fact is that just as many E&O Insurance claims arise out of Omissions as from Errors.  Failure to act or failure to advise is as likely to cause a claim or lawsuit as advising and giving the wrong information.

The stress of litigation against you can mentally exhaust you from driving your small business. With errors and omissions insurance, you can relax knowing that your court costs and potential liabilities are covered.

For all of the coverage it provides, errors and omissions insurance is one of the least expensive forms of insurance you can get.

Most people think that there is coverage for these risks on a general liability insurance policy.  But it typically does not cover contract performance, errors or disputes.

Specific errors and omissions insurance is needed to be properly protected.

Here are two reasons to act now!

  1. Errors and omissions insurance must be purchased prior to beginning a project or ahead of a product launch. Make sure your next venture is fully protected.
  2. Receive a no-risk E & O Insurance quote within one business day. Simply fill out this short form and we’ll get back to you with an affordable Errors and Omissions Insurance policy quote.

Huff Insurance  is concerned that small business owners that have a professional liability exposure are not purchasing this important E & O Insurance coverage.

Give us a call and discuss with us all of the services that you offer to see if you need professional liability coverage.  Depending on the type of business, professional liability coverage may be added to a general liability policy.  If not, it can be purchased as a separate policy.