Smarter Professional Liability (E&O) Insurance
Save up to 35% on your professional liability business insurance
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What is Professional Liability (E&O) Insurance for Businesses?
Professional liability insurance is intended to cover your business against any mistakes that happen in your work. It does not matter whether those mistakes are completely innocent, or whether they arise from negligence or carelessness. Errors and omissions can be costly or even dangerous for a client, which means the potential for a legal claim against your business is high. Professional liability insurance is essential for protecting your business against these claims.
Who Needs Professional Liability Business Insurance?
Any professionals providing a service, advisors or consultants (finance, law, medical and so on) should carry a professional liability (errors & omissions) insurance policy.
Examples of Professional Liability (E&O) Insurance Claims
Oversight in calculations on a client's tax returns
Divulging information about a client
Paralegal advises client for an early settlement
You were preparing a client’s tax returns and made an oversight in calculating their tax return. That client now faces significant tax penalties, and is threatening to sue for the amount that this mistake has cost them, as well as additional damages.
Frequently Asked Questions
Why Should You Get E&O Insurance Coverage?
While some professionals are required by their associations to have professional liability insurance, all professionals should carry E&O insurance if they are advising the public in their professional capacity. It protects you and your business from legal claims, which could be costly based on the nature of the error.
What Can Affect the Price of Professional Liability Insurance?
The costs of professional liability insurance can vary based on both you and on your work. Your professional qualifications, your years of professional experience, and the nature of your work will affect your rates, as will your claims history. Insurers will also look at your business, including your revenue, the size of the business, and how many staff you are looking to ensure in order to determine your rate.
When Should Businesses Purchase Errors & Omissions Insurance?
Professionals should carry professional liability business insurance as soon as they begin to advise the public. From that first professional opinion or that first receipt of confidential information, there is serious liability if something goes awry. E&O insurance will help ensure that your business, and your professional career, will not fall victim to a simple mistake.
