{"id":69,"date":"2017-06-20T10:05:44","date_gmt":"2017-06-20T10:05:44","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=69"},"modified":"2022-06-06T12:08:01","modified_gmt":"2022-06-06T12:08:01","slug":"errors-and-omissions-policy-protect","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/errors-and-omissions-policy-protect","title":{"rendered":"How does an errors and omissions policy protect me?"},"content":{"rendered":"
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\"\"<\/figure>\n<\/div>\n\n\n

<\/p>\n\n\n\n

How an errors and omissions policy protects you,  is a question we get asked a lot. <\/p>\n\n\n\n

It\u2019s a good one though, and worth taking time to think about.<\/p>\n\n\n\n

The typical answer is one you’ve probably come across already. Something along the lines of  \u2018it’s protection from claims of negligence<\/a> made against you by a disgruntled client\u2019.<\/p>\n\n\n\n

So, what are you protected from? Exactly how<\/em> does it protect you? And what are you getting for your money?<\/p>\n\n\n\n

The basics – how E&O works<\/strong><\/h2>\n\n\n\n

So to answer these questions, and to paraphrase James Brown, we\u2019ll need to break it down a little.<\/p>\n\n\n\n

With errors and omissions<\/a> insurance, you pay a premium to an insurer who, in turn, agrees to pay claims for events covered by the policy.<\/p>\n\n\n\n

As an example of errors and omissions, think of the \u2018claim of negligence against you by a disgruntled client\u2019 as a reason for having insurance<\/p>\n\n\n\n

Yes, most paid claims do stem from actual mistakes. What surprises most of our clients though is how small a mistake can be to result in a payable claim.<\/p>\n\n\n\n

If a claim is made the insurer pays for the legal fees associated with your defense plus any damages or awards paid to your client as a result of the claim – up to the level of indemnity provided by your policy.<\/p>\n\n\n\n

You don\u2019t pay a thing (apart from the deductible, if applicable).<\/p>\n\n\n\n

So in these terms, the protection you get is financial; the coverage is there to safeguard your business and its assets should the worst happen. Simple, but important. It\u2019s your livelihood we\u2019re talking about, after all.<\/p>\n\n\n\n

Without insurance, even a baseless claim could wipe out your life\u2019s work in a matter of weeks.<\/p>\n\n\n\n

Errors and omissions insurance is reassurance<\/strong><\/h2>\n\n\n\n

But there\u2019s also a less tangible, arguably more significant side to errors and omissions coverage.<\/a><\/p>\n\n\n\n

Having the financial might of an insurer and their crack legal team behind you just tips the balance a little more in your favor. It\u2019s a big arm around your shoulder when a potentially powerful client is pointing its finger at you. That\u2019s meaningful, if not easily quantifiable, reassurance.<\/p>\n\n\n\n

That\u2019s the sort of constant, everyday protection you need. It\u2019s comforting to know that if it does all go wrong, you\u2019ve got an expert ally on your side prepared to back you up and do what\u2019s in your best interests.<\/p>\n\n\n\n

Keep calm and carry on with an E&O policy <\/strong><\/h2>\n\n\n\n

So, what does E&O protect you from? Think of it this way: E&O insurance doesn\u2019t offer protection, it is<\/em> protection.<\/p>\n\n\n\n

Having it in place gives you the confidence to do what you do, and to do what you do best: running your business.<\/p>\n\n\n\n

And that\u2019s what really<\/em> matters.<\/p>\n","protected":false},"excerpt":{"rendered":"

How an errors and omissions policy protects you,  is a question we get asked a lot. It\u2019s a good one though, and worth taking time to think about. The typical answer is one you’ve probably come across already. Something along … Read more…<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,5,30],"tags":[11,32,31],"class_list":["post-69","post","type-post","status-publish","format-standard","hentry","category-errors-and-omissions","category-risk-tips","category-small-business-insurance","tag-errors-and-omissions-insurance","tag-help-with-insurance","tag-questions-about-insurance"],"yoast_head":"\r\nHow does an errors and omissions policy protect me?<\/title>\r\n<meta name=\"description\" content=\"Find out exactly what errors and omissions policy protects your business from, how it protects you, and what you get for your money.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" 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