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Errors & Omissions Insurance

Errors & Omissions Insurance

Are you in the business of providing professional advice or services? If so, you are at greater risk of damages claims that could run up to millions of dollars, putting your firm on the brink of closure or, worse, forcing you to stay out of business.

To shield your company and your employees from negligence lawsuits, you need to take out errors and omissions (E&O) insurance. Also called professional liability insurance, E&O insurance reimburses costly court fees, attorney fees, judgments or settlements, and administrative costs.

Run Your Business with Peace of Mind

Generally, an E&O coverage helps safeguard your firm from various claims such as:

  • Negligence
  • Misrepresentation
  • Inaccurate advice
  • Errors or omissions committed in the course of doing business
  • Violation of fair dealing and good faith
  • Missed deadlines
  • Undelivered services
  • Malpractice

Keep in mind though that some claims won’t be covered by E&O insurance. These include harassment and discrimination in the workplace, bodily injuries, property damages, illegal or intentional acts, employee illnesses or injuries, criminal prosecution, and product liability complaints.

However, you may want to add other types of business insurance to protect your company from situations not included in your E&O policy. Depending on your needs, you may consider:

  • Commercial general liability insurance. Pays for legal costs or a third party’s medical bills.
  • Workers’ compensation insurance. Covers employee injuries or illnesses.
  • Employment practices liability insurance. Reimburses the costs arising from discrimination or harassment claims.
  • Data compromise coverage. Covers data breach.
  • Non-owned auto insurance. Compensates liabilities related to accidents involving a non-company owned vehicle.
  • Product liability insurance. Protects against property damage or injury resulting from a product you’re selling.

Professionals and Businesses that Can Benefit from E&O Insurance

An E&O coverage is essential for different types of businesses and business professionals. In Colorado, we cater to a broad spectrum of professionals, including:

  • Financial planners
  • Lawyers
  • Engineers
  • Insurance brokers and dealers
  • Investment advisers
  • Consultants
  • Accountants
  • Architects
  • Real estate agents
  • Software and website developers
  • Contractors
  • Educators
  • Veterinarians and pet groomers
  • Barbers and hairdressers
  • Advertising and marketing professionals
  • Printers and publishers

Meanwhile, doctors, dentists, and other medical professionals carry a specific type of E&O insurance called malpractice insurance.

Learn More About E&O Insurance from Independent Colorado Agents

We at Southern Colorado Insurance Center can tailor policies that meet a company’s specific liability needs. Request a quote online now so we can assist you in protecting your business.