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Looking after someone else’s finances is a responsibility. Although, quite how much is your responsibility isn’t immediately obvious. Until something goes wrong.
But make a mistake with your client’s money, and one thing’s clear. You’ll be called to account.
Problem is, negligence claims aren’t just expensive to fix, they risk your reputation.
What if your client fails to report income on a 1040 you prepared? An IRS audit lands them with heavy fines and back-taxes. And guess what? The client blames you.
It’s not your fault. But even if a claim’s groundless, you still have to defend yourself. Your good name’s on the line. Attorneys, legal fees, damages… costs can run into thousands. Finding the money yourself might put you in the red.
Errors and omissions insurance (E&O) is coverage you can bank on. It can take care of your defense costs. And damages, too, if you’re liable.
Coverage worth having then? Go figure. The only fuzzy factor is the policy’s name - errors and omissions insurance is also known as professional liability insurance.
What matters, is they do the same thing. Protect your business, keeping your reputation intact, and your bank balance, too.
Errors and omissions insurance can’t protect your business from everything. It won’t cover bodily injury claims, for example.
So if you visit clients’ offices, or they come to yours, general liability insurance is worth having.
Then, if a client gets injured tripping over a loose cable in your office, your coverage can pay medical bills. And legal fees, if a claim ends up in court.
Want to protect the stuff you use to run your business? Just add business personal property insurance to your package. It protects things like your mobile devices and laptops, when you’re out and about. And office equipment from your furniture to your potted plants – even if your office is at home.
Do you employ staff? Even if you’ve only got one person working for you, you’re legally required to have workers’ compensation insurance. Because accidents do happen. And the cost of workplace injuries can be crippling. Without insurance you’ll have to cover your employee’s medical expenses and missed wages. If they sue, you’ll have legal costs to pay, too.
If you store your clients’ sensitive data digitally, have a website, or use email, you’re a target for hackers. Cyber liability insurance can’t stop you being attacked, but it can take care of the recovery costs. Keeping you in business and your reputation intact.
Your insurance needs are as unique as your business. We can build coverage to suit you. And it’ll only take a few minutes.
Business personal property insurance (BPP)
If you take equipment like laptops and mobiles to meetings, this policy is worth having. It also covers the portable stuff in your office - from your furniture to your potted plants.More info
Business owner's policy (BOP)
Comes with general liability, property, and business equipment insurance as standard. Plus, a range of optional add-ons, including coverage for:
Cyber liability insurance
If you use email, own a website, or store client data, cyber insurance is a must. It can’t stop a cyber-attack, but it can pay your recovery costs so your business survives from one.More info
Workers' compensation insurance
Most states require you to have this policy even if you only have one employee. It’s good to have anyway. It protects your business from the cost of workplace illness and injury claims which can be crippling.More info
Because we understand every business is different, we'll build an insurance package to suit your needs. In minutes.
To build the right insurance package for you call one of our licensed advisors today on 978.344.4215.
What is the difference between professional liability (PL) and errors and omissions insurance (E&O)?
For help, support or just a quick question, feel free to call me.
I'm Tim - I'm here to help you Monday to Friday, 9am-5pm ET.
My direct line is 978 344 4221.
Customer Service Representative