Errors & omissions insurance

Because no one is perfect, and in an organization full of real people, mistakes can happen.

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Business liability insurance covers losses related to bodily injury, property damage or advertising injury. But what happens when a printer neglects to catch a typographic error on a large order of engraved wedding invitations? Or when a plumbing repair fails and causes an entire office to be flooded? Issues like these can be resolved with the purchase of errors and omissions (E&O) insurance.

What is E&O insurance?

E&O insurance is a kind of specialized liability protection against losses not covered by traditional liability insurance. It protects you and your business from claims if a client sues for negligent acts, errors or omissions committed during business activities that result in a financial loss.

Who needs E&O insurance?

You need errors and omissions insurance if you’re in the business of providing a service to clients for a fee. We typically provide E&O coverage to printers and building-trades contractors, such as electricians, plumbers, HVAC installers and sheet metal workers.

E&O insurance is typically customized to meet specific needs of a business or industry. For example, a printer has different risks than an electrician. Both have the need for liability insurance, yet each needs a completely different type of coverage.

E&O insurance policies usually cover:
  • You, the business owner
  • Your salaried and hourly employees
  • Any subcontractors working on behalf of your business

What does E&O insurance cover?

Most errors and omissions insurance policies cover the following, up to the limits of the policy:

small checkmark  Judgments
small checkmark  Attorney fees
small checkmark  Court costs

small checkmark  Settlements

two workers walking in construction site

Even if claims are found to be unwarranted, legal fees and other related expenses can quickly add up.

Sometimes, mistakes aren’t realized until years later, when a court summons arrives in the mail. That’s why the retroactive date on the policy is so important. The further back the retroactive date of the policy, the more coverage and protection it offers.

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