Errors and Omissions Insurance

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Errors and Omissions Insurance Risk Management Solutions

Errors and Omissions (E&O) insurance is a critical form of coverage for businesses and professionals. It protects you if your business or services cause financial harm to a client due to mistakes or failure to deliver as promised. In other words, if something goes wrong in your work, E&O insurance can cover legal fees, damages, and other costs.

By incorporating Errors and Omissions Insurance along with business insurance and risk management services, you can choose a policy tailored to your business’s needs, providing essential protection against professional mistakes and client disputes.

What Is Errors and Omissions Insurance?

Errors and Omissions insurance, also known as professional liability insurance, safeguards businesses and professionals from claims related to mistakes, oversights, or negligence in their work. For example, if a client sues your company because of an error in your work, this type of coverage can cover legal expenses and the cost of any damages.

This insurance is especially crucial for businesses that offer professional services or advice, such as lawyers, consultants, architects, or IT professionals.

Why Do You Need Errors and Omissions Insurance?

Having the right Errors and Omissions insurance is essential for protecting your business from financial loss due to mistakes. Here’s why:

Legal Protection

If a client sues your business due to a mistake, E&O insurance can help cover your legal fees and any settlement costs.

Client Trust

Having this coverage can help show clients that you are serious about protecting their interests.

Peace of Mind

With this coverage in place, you can focus on running your business without worrying about the impact of potential errors.

What Does Errors and Omissions Insurance Cover?

Errors and Omissions insurance typically covers the following:

Mistakes or Oversights

Coverage for mistakes made while providing professional services, such as errors in design, advice, or calculations.

Negligence

Protection if a client claims you failed to meet the standards of your service, even if you were not negligent.

Legal Fees

This covers the cost of defending yourself against a lawsuit, including lawyer fees, court costs, and settlements.

Breach of Contract

Some policies may also cover allegations that you failed to fulfill contractual obligations.

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FAQs About Errors and Omissions Insurance

What is Errors and Omissions Insurance?

Errors and Omissions (E&O) insurance protects your business against lawsuits that arise from mistakes or negligence in professional services.

Do I need Errors and Omissions insurance?

If your business provides professional services or advice, E&O insurance is highly recommended to protect against claims from clients.

Is Errors and Omissions insurance the same as general liability insurance?

No, general liability insurance covers accidents and injuries that happen on your business property, while E&O insurance focuses on mistakes or omissions made during professional services.

What's the difference between E&O and professional liability insurance?

E&O and professional liability insurance are often used interchangeably, as both protect businesses from mistakes made during professional services.

Does E&O insurance cover all mistakes?

Not all mistakes are covered. E&O insurance typically covers mistakes made in the course of business, but it may not cover intentional wrongdoing or criminal acts.

How much does Errors and Omissions insurance cost?

The cost varies depending on your business type, the coverage amount, and your risk profile. Typically, the premium is based on your industry and your company’s size.

Does E&O insurance cover lawsuits?

Yes, E&O insurance typically covers the legal fees and damages from lawsuits related to professional mistakes or negligence.

Can I customize my Errors and Omissions insurance?

Yes, your policy can be tailored to your business’s needs, with different coverage limits and add-ons based on the services you provide.

Does the Law require errors and Omissions insurance?

The Law does not require errors and Omissions insurance, but many businesses need it to protect themselves against potential lawsuits and contractual obligations.

How do I file a claim with my E&O insurance?

To file a claim, contact your insurance provider, explain the situation, and provide any necessary documents, like contracts or emails, that relate to the claim.

Why Choose Risk Specialty Group for Errors and Omissions Insurance?

At Risk Specialty Group, we’re more than just an insurance agency – we’re your partner in protecting your business from the risks of mistakes, negligence, or failure to deliver services as promised. Here’s why businesses trust us for Errors and Omissions (E&O) Insurance:

Industry Expertise

We understand the specific challenges your industry faces and offer customized coverage to protect against claims related to errors, omissions, or inadequate services.

Comprehensive Coverage

Our E&O Insurance covers legal fees, settlements, and damages arising from mistakes, oversight, or failure to meet client expectations.

Proactive Risk Management

We work with you to identify potential risks and help minimize your exposure to costly E&O claims.

Trusted Partnerships

We collaborate with top-rated carriers to deliver the best coverage options at competitive rates.

Ongoing Support

Our team offers continuous support, including regular policy reviews, to ensure your coverage evolves with your business needs.

At Risk Specialty Group, we’re your trusted partner in managing errors and omissions risks. Let us help protect your business with comprehensive Errors and Omissions Insurance.

What Our Clients Are Saying

Don’t just take our word for it – hear from businesses who trust Risk Specialty Group to protect their future:

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Risk Management Blog

Stay informed with industry insights and expert analysis on professional liability insurance. Visit our risk management blog for valuable resources and updates from Risk Specialty.

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David Nelson

15:10 01 Apr 19

Risk Specialty Group has handled my micro-company's insurance for almost three years. They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner. Of all my service providers, they are #1 in that department. 6 stars if I could.

Todd McMakin

16:00 04 Dec 18

We have been using the Risk Specialty Group for our company insurance for two years and have been very happy with our rates and with the customer service that we have received. They are always quick to respond to questions and requests. Highly recommended!

Su Young

18:52 04 Dec 18

Risk Specialty's owner is great to work with, excellent knowledge of the marketplace and clients' insurance needs. The staff is thorough, experienced and friendly. Great shop to consider for your insurance needs.

Elizabeth Schlitzberger

15:23 17 Jan 19

Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Parallax Consulting Group

01:30 19 Dec 18

I am currently renewing my coverage for year (2) of my business. Everyone at RSG has been extremely helpful, while also being clear and concise with all my options and/or questions through every step of my growth, risk management and company success. I would highly advise and/or recommend RSG to anyone looking to find a firm you can count on...but most importantly, trust!