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Errors & Omissions Insurance Tips

Everyone makes mistakes in life, and this statement is no less true in the business world. Whether or not a business prepares for the consequences, some mistakes may mean the difference between total financial ruin and being able to recover.

According to NetworkSolutions.com, “more than half (57%) of lawsuits affect companies making less than $1 million in revenue, and one out of every three small business owners has been sued or threatened with a lawsuit.” You should purchase errors and omissions insurance to protect yourself and your business from the financial ramifications of a lawsuit and settlement claim.

Who Needs E&O Insurance?

An errors and omissions insurance policy is for business people who run the risk of causing financial harm to their clients, either through negligence or pure accident (such as, for example, errors or omissions that result in financial harm). It is a form of professional liability insurance that will cover any legal bills and other expenses incurred if you are sued in a court of law

  • Errors and omissions insurance is also known as malpractice insurance or professional liability insurance.
  • Many states require practitioners in certain industries, such as law and medicine, to purchase this type of business before they are allowed to practice.

Professionals can have a lawsuit filed against them if they neglect to perform an action that would prevent harm to a client, or they do something that causes harm to the client. For example, medical professionals who fail to order a test for their patients may be accused of negligence and sued. Lawyers who lose a case may be sued by their clients for mounting a poor defense.

Read more about the benefits of errors and omissions insurance in our Buyer’s Guide.

What E&O Insurance Covers

Errors and omissions insurance doesn’t only help with legal fees. It also will pay the damages that businesses may be ordered to pay in the event that they lose a case and are held financially responsible for damages. Even if a case is dismissed – and the business is found not liable for damages - a considerable amount of money may be spent in legal fees throughout the process of finding a lawyer, going to court, and making a defense. Errors and omissions insurance pays for the legal expenses regardless of how the case turns out.

Professionals in a variety of industries can benefit from purchasing an errors and omissions insurance policy. Do you manage money for your clients? Do you counsel them in financial, medial, or legal matters? Assess what kind of potential harm could come as a result of your business, the likelihood of being sued for negligence, and whether your business could handle the financial strain of defending a lawsuit.

From the Buyer's Guide: Don't forget to ask yourself all the important questions before choosing the right insurance agency.

Professional insurance and errors and omissions insurance is an important part of any business’s insurance plans. None of us is exempt from making mistakes; make sure that your mistakes won’t result in financial ruin.

If you are looking for errors and omissions insurance, you may also want to consider looking at property insurance and liability insurance

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