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Do you call yourself a professional? Do clients pay you for your expertise and advice?
Then they can sue you if you do something wrong and it’s cost them money. In fact, they can sue you even if you haven’t done anything wrong.
And without errors and omissions insurance, that could cost you. Big time.
What is errors and omissions insurance?
The clue’s in the name. Errors and omissions insurance (E&O) protects you from the costs of a claim you made:
an error (you did something wrong)
an omission (you left something out).
Even if the claim is groundless, your E&O policy can hire an attorney to defend you and pay your legal fees. And, if it turns out you were at fault, it can also take care of the damages.
What’s more, it doesn’t just cover errors or omissions made from the day you take out insurance. You can make your policy retroactive. Just pick the date you want your cover to start from and it’s noted on your policy documents. Then, as long as you keep your insurance continuous, it works forwards and backwards to that date.
What’s confusing is that errors and omissions insurance is also known as professional liability insurance. All you need to know is, they do the same thing.
Why do I need errors and omissions insurance?
For several reasons:
- Because you sell your services as a professional. So, clients may well expect you to have E&O insurance – and a certificate to prove it.
- Because lawsuits are expensive. Your typical E&O suit costs around $150,000. And that’s just the amount awarded to your client. To cover your legal fees, add 5, maybe even 6 figures to that amount.
- Because even if your client has no grounds, you still have to defend yourself. It’s not just the default judgment you’ll face if you don’t (which means you’ll end up paying whatever they say you owe them). A claim like that can seriously damage your reputation, and that’s priceless.
- Your peace of mind. We all make mistakes. But if you’ve got an E&O policy, you know that if something goes wrong, or your professional service is called into question, you can relax. And get on with running your business.
Because that’s the bottom line. Fighting a lawsuit doesn’t just cost you money and risk your reputation, it takes up your time. And that’s better spent on your business.
What does your errors and omissions insurance cover?
- Claims made against you for errors and omissions, whether you’re at fault, or not
- Claims made over work you’ve done in the past
- Claims made worldwide – so long as they’re filed in the U.S., a U.S. Territory, or Canada.
- Hiring you an attorney if you need one
- Your legal defense fees
- Damages, if you’re found liable
Why should I buy E&O insurance from you?
You're a professional. You're experienced. You're meticulous.
You expect the same attention and level of expertise from your insurance broker. And you need to know you've got the right coverage for your business.
We focus on providing service to businesses like yours - independent consultants, freelance professionals and consulting firms - people who have specific insurance needs not met by traditional brokers.
You need coverage designed for your unique needs. We’ll make sure you get it. And it’ll only take a few minutes.
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