{"id":34,"date":"2016-02-03T14:22:40","date_gmt":"2016-02-03T14:22:40","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=34"},"modified":"2021-11-08T17:13:54","modified_gmt":"2021-11-08T17:13:54","slug":"do-i-need-errors-and-omissions-insurance","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/do-i-need-errors-and-omissions-insurance","title":{"rendered":"Do I need errors and omissions insurance?"},"content":{"rendered":"<h2><strong><br \/>\n<a href=\"https:\/\/www.insurancebee.com\/blog\/do-i-need-errors-and-omissions-insurance\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-35 size-full\" title=\"Day 299 pasukaru76\" src=\"https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2011\/06\/Day-299-pasukaru76.jpg\" alt=\"Lego figures with drawing pins obstacle \" width=\"500\" height=\"333\" srcset=\"https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2011\/06\/Day-299-pasukaru76.jpg 500w, https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2011\/06\/Day-299-pasukaru76-300x199.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><\/strong><\/h2>\n<h2><strong>Business insurance: it\u2019s bit of a minefield isn\u2019t it?\u00a0<\/strong><\/h2>\n<p>You know you need it, but just what, exactly do you need and how do you figure it all out?<\/p>\n<p>If you\u2019re looking for coverage, you may come across technical terms like: \u2018liability\u2019, \u2018duty of care\u2019, \u2018claims made\u2019 and \u2018negligence\u2019.<\/p>\n<p>We\u2019re happy to shed light on these if you give us a call (as will any broker that knows their onions).<\/p>\n<p>\u2018Never mind that\u2019, I hear you say, \u2018what if I know absolutely nothing at all to start with?\u2019<\/p>\n<p>Not a problem. Just sit back, relax, and \u2013 if it helps \u2013 try to think of our knowledge as the water to your sponge.<\/p>\n<p>We\u2019ll start with the basics shall we? Fire away.<\/p>\n<p><em><strong>Client: <\/strong>OK then InsuranceBee. What exactly is <a href=\"\/errors-and-omissions-insurance\">errors and omissions insurance<\/a> \u2013 is that the same as professional liability insurance?<\/em><\/p>\n<p><strong>iBee:<\/strong> Yes it is \u2013 top marks. And it\u2019s a good question, by the way. The short answer is that it\u2019s all about negligence and protection<em>.<\/em><\/p>\n<p><em><strong>Client:<\/strong> Right, but what does that mean then?<\/em><\/p>\n<p><strong>iBee:<\/strong> Well, when it comes to both those things, it\u2019s your negligence and your protection we\u2019re talking about.<\/p>\n<p><em><strong>Client:<\/strong> That sounds a bit dramatic. Me? Negligent?<\/em><\/p>\n<p><strong>iBee: <\/strong>In simple terms, in business, your negligence can be thought of as a mistake you\u2019ve made. Mistakes usually have some kind of fallout (for example, an unhappy client) and that\u2019s where the protection-for-you bit comes in.<\/p>\n<p>We\u2019ll take you as an example. You\u2019re a professional and you give your clients specialist advice. Right?<\/p>\n<p><em><strong>Client:<\/strong> Right.<\/em><\/p>\n<p><strong>iBee:<\/strong> Well, if your client believes you\u2019ve done something wrong, like given them bad advice, not delivered what you said you would or been careless with their confidential information, they\u2019re at liberty to sue you for any losses they sustain because of the alleged failure.<\/p>\n<p><em><strong>Client:<\/strong> I\u2019m listening\u2026<\/em><\/p>\n<p><strong>iBee:<\/strong> If they do decide to sue you, it\u2019s then that an errors and omissions insurance policy kicks in. The legal costs of defending you and any damages awarded to your client are paid &#8211; up to the level of cover provided by your policy, of course.<\/p>\n<p>You get the problem resolved and, with any luck, get to keep your client too.<\/p>\n<p><em><strong>Client:<\/strong> OK, great. I can do whatever I want from now on then, safe in the knowledge that I\u2019m protected.<\/em><\/p>\n<p><strong>iBee: <\/strong>Hmm, not quite. E&amp;O is for genuine mistakes. Insurers tend to draw the line at paying claims caused by recklessness or promising something you can\u2019t deliver. You still have to act responsibly.<\/p>\n<p><em><strong>Client:<\/strong> I\u2019ve got pretty robust <a href=\"\/blog\/why-your-business-needs-terms-and-conditions\" target=\"_blank\" rel=\"noopener noreferrer\">terms and conditions<\/a> and I only work when there\u2019s a written contract in place. I don\u2019t need insurance on top of that as well do I?<\/em><\/p>\n<p><strong>iBee:<\/strong> I\u2019m afraid that you do \u2013 a sign of the times. These days, customers are inclined to sue first and ask questions later &#8211; you don\u2019t actually need to do anything wrong to find yourself at the sharp end of some enthusiastic finger-pointing.<\/p>\n<p>And just one accusation may be enough by the way. You\u2019ll need to defend yourself if it happens and that\u2019s both expensive and time-consuming.<\/p>\n<p><em><strong>Client:<\/strong> But not if I have E&amp;O insurance\u2026<\/em><\/p>\n<p><strong>iBee:<\/strong> Exactly. Go to the top of the class.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business insurance: it\u2019s bit of a minefield isn\u2019t it?\u00a0 You know you need it, but just what, exactly do you need and how do you figure it all out? If you\u2019re looking for coverage, you may come across technical terms &hellip; <a href=\"https:\/\/www.insurancebee.com\/blog\/do-i-need-errors-and-omissions-insurance\">Read more&#8230;<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,30],"tags":[11,32,7,31],"class_list":["post-34","post","type-post","status-publish","format-standard","hentry","category-errors-and-omissions","category-small-business-insurance","tag-errors-and-omissions-insurance","tag-help-with-insurance","tag-professional-liability-insurance","tag-questions-about-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Do I need errors and omissions insurance? - InsuranceBee Blog<\/title>\r\n<meta name=\"description\" content=\"Want to keep your business safe if a disgruntled client wants to make a claim? 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