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Errors & Omissions also referred to as Professional Liability insurance is protection against legal liability for wrongful or negligent acts committed in the act of rendering or failing to render professional services.

This type of policy is needed by anyone who gives advice, makes educated recommendations, designs solutions and/or represents the needs of others. Service professionals such as accountants, computer consultants, software developers, planners, architects, real estate agents, travel agents and contractors are professions that absolutely require E&O insurance.

Policies are designed to cover the large legal defence costs that are incurred trying to prove liability or innocence. This coverage will ultimately cover the final judgment if the business owner does not win their lawsuit.

Coverage details:

  • Claims Made Policy Form – The insurance is written on a claims-made basis
  • Prior Acts Coverage – Coverage may be provided on a full prior acts basis or through a retroactive date
  • Policy Period – Annual and multi-year policies are available
  • Capacity – Limits up to $10,000,000 available
  • Territory – Worldwide territory

There are many different forms of professional liability insurance and multiple factors to consider when purchasing E&O coverage for your business. Because there isn’t a standard policy, an experienced agent who understands your company and can knowledgeably design a policy to meet your needs is invaluable. Contact Cornerstone Insurance Brokers to learn how E&O insurance fits into your total risk management program.